The Central Bureau of Investigation (CBI) on Saturday carried out a major crackdown in connection with alleged ₹27,337 crore bank fraud cases involving Reliance Commercial Finance Ltd. (RCFL) and Reliance Home Finance Ltd. (RHFL). The agency conducted searches at 15 locations across Delhi and Mumbai and examined documents and digital evidence linked to the investigation.
According to the CBI, the searches were part of an ongoing probe into 23 interconnected entities associated with the Reliance ADA Group. The investigating agency has alleged that these entities were allegedly used as channels to divert funds borrowed by RCFL and RHFL from banks to other companies, resulting in substantial losses to lenders and financial institutions.
The agency said the searches were carried out after obtaining warrants from a special court in Mumbai. The premises of three former officials associated with the Reliance group were also covered during the operation. These include the former Chief Financial Officer (CFO) of RHFL, the former Secretarial Head of Reliance ADA Group, and the former Chief Treasury Consultant of RHFL.
The CBI has registered seven FIRs against Reliance Communications Ltd. (RCom), RHFL, RCFL and Reliance Telecom Ltd. (RTL) based on complaints received from various public sector banks and the Life Insurance Corporation of India (LIC).
According to the agency, the alleged loss to public sector banks and LIC in these seven cases is around ₹27,337 crore. The investigation has alleged that funds obtained as loans were not used for their intended purposes and were instead transferred through related entities and group companies.
The CBI had earlier conducted searches at several locations linked to the Reliance ADA Group cases. So far, the agency has carried out searches at 38 locations, filed four chargesheets and arrested seven accused persons in connection with these cases.
The latest action comes amid increased scrutiny of large corporate loan accounts, including the utilisation of borrowed funds, restructuring arrangements and transactions between related entities. The CBI is examining the alleged movement of loan funds and the role of individuals and organisations involved in the transactions.
Officials said that documents, financial records and electronic evidence recovered during the searches will be analysed in detail. The findings will help determine the further course of action and establish the role of individuals allegedly involved in the case.
The agency has maintained that the investigation is ongoing and further action may be taken based on additional evidence and findings that emerge during the probe.
