CBI raids 17 locations linked to Anil Ambani-led Reliance companies
What's the story
The Central Bureau of Investigation (CBI) has raided 17 locations in Mumbai, linked to the Anil Ambani-led Reliance ADA Group. The action is part of an investigation into three cases against Reliance Telecom Ltd, Reliance Commercial Finance Ltd, and Reliance Home Finance Ltd. The raids were conducted at the residential premises of directors of these companies as well as office premises of intermediary firms, whose accounts were allegedly misused for diverting bank funds.
Fraud allegations
Seven cases registered
The CBI's raids were based on search warrants issued by a special judge for CBI cases in Mumbai. The operation has led to the seizure of incriminating documents and revealed that multiple intermediary companies were operating from the same address. The agency has registered seven cases against the Reliance Group over alleged frauds involving thousands of crores, based on the complaints from various public sector banks and LIC.
Financial impact
Total alleged loss suffered by banks and LIC
The total alleged loss suffered by the banks and LIC in these cases is a whopping ₹27,337 crore. The CBI had previously raided 14 locations after these cases were registered. Two senior executives of RCom, D Vishwanath and Anil Kalya, were arrested on April 20 for their roles in the banking operations and fund utilization/payments within the group.