CBI Raids 17 Mumbai Locations in ₹27,337 Crore Reliance Group Probe

Mumbai: The Central Bureau of Investigation (CBI) intensified its crackdown on the Anil Ambani-led Reliance ADA Group on Saturday, conducting coordinated searches at 17 locations across Mumbai. The raids target three specific cases involving Reliance Telecom Ltd, Reliance Commercial Finance Ltd, Reliance Home Finance Ltd, and their respective directors.

Focus on Fund Diversion

In an official statement, the CBI confirmed that teams searched the residences of company directors and the offices of various “intermediary companies.” Investigators believe these intermediaries served as conduits to divert massive amounts of bank funds.

The agency executed these raids under search warrants issued on May 8 by a Special CBI Judge in Mumbai. During the operation, officials seized several incriminating documents and discovered that multiple intermediary firms were suspiciously operating from the same physical addresses.

Mounting Legal Troubles for Reliance Group

The current investigation forms part of a larger probe into the group’s financial dealings. Over the past few months, the CBI has registered a total of seven cases against the Anil Ambani-led group. These cases stem from complaints filed by Life Insurance Corporation (LIC) and various Public Sector Banks, alleging massive fraud totalling Rs 27,337 crore.

The agency has already conducted searches at 14 other locations since the registration of these FIRs.

High-Profile Arrests

The probe has already led to significant arrests. On April 20, the CBI took two senior executives into custody:

• D. Vishwanath: Joint President of Reliance Communications and the overall head of the group’s banking operations.
• Anil Kalya: Vice President, who allegedly assisted Vishwanath in managing fund utilization and payments.

Both executives remain in judicial custody. The Supreme Court is currently monitoring the ongoing investigation into the Reliance Group’s financial discrepancies.