The CBI has searched 15 locations in Delhi and Mumbai linked to Reliance Commercial Finance and Reliance Home Finance. The agency alleges that these entities diverted over Rs 27,337 crore of bank funds to other group companies, causing losses to public lenders and LIC. A spokesperson for Anil Ambani has denied any wrongdoing, stating the FIR involves Reliance Capital.
The Central Bureau of Investigation (CBI) has widened its ongoing probe into alleged financial irregularities within entities previously associated with the Reliance ADA Group. In a recent operation, agency officials conducted searches at 15 separate premises located in Delhi and Mumbai. The investigation specifically targets the operations of Reliance Commercial Finance Ltd. and Reliance Home Finance Ltd., focusing on how these companies managed their borrowed funds.
Allegations of Fund Diversion
The core of the investigation involves 23 entities that the CBI alleges acted as conduits for the transfer of capital. The agency claims that funds, which were originally borrowed from various banks by Reliance Commercial Finance and Reliance Home Finance, were diverted to other companies within the broader Reliance ADA Group. According to the investigation, this movement of money resulted in significant financial losses for several public sector banks and the Life Insurance Corporation of India (LIC). The total amount involved across seven registered cases is estimated by authorities to be Rs 27,337 crore.
Scope of the Investigation
To gather further evidence, the CBI team searched the residences and offices of several former key officials. These include the former chief financial officer of Reliance Home Finance, the ex-secretarial head of the Reliance ADA Group, and the former chief treasury consultant for the finance entity. The searches were carried out following authorization from a special court in Mumbai. This is not an isolated event; the agency has previously taken action involving 38 other locations, which has led to the filing of four chargesheets and the arrest of seven individuals in related matters.
Company Response and Context
A spokesperson for Anil D. Ambani has officially addressed the situation, clarifying that the current FIR pertains to Reliance Capital Ltd. The statement highlighted that Anil Ambani served as a non-executive director and chairman of Reliance Capital until November 2021, the point at which the Reserve Bank of India (RBI) moved to supersede the company’s board of directors. The spokesperson denied all allegations of wrongdoing on his part.
For investors and market observers, the primary monitorable remains the progress of the legal proceedings and the potential impact on any remaining financial obligations or corporate liabilities linked to the entities under scrutiny. As the case is currently under investigation, further developments will depend on the findings presented by the CBI to the courts in future hearings.