According to an official statement issued by the Central Bureau of Investigation, the searches were conducted at the residential premises of the Directors of the companies under investigation as well as at the office premises of intermediary entities allegedly used to divert funds obtained from banks.
The agency stated that the searches were carried out on the basis of search warrants dated May 8, issued by the Special Judge for Central Bureau of Investigation cases in Mumbai. During the operation, investigators seized several incriminating documents that are expected to play a crucial role in the ongoing probe.
The Central Bureau of Investigation also revealed that multiple intermediary companies were found to be operating from the same address, raising further suspicion about the alleged routing and diversion of funds through a network of interconnected entities. Officials confirmed that the investigation is continuing.
The latest action forms part of a broader crackdown launched over the past several months against companies associated with the Anil Ambani-led Reliance Group. The Central Bureau of Investigation has so far registered seven separate cases based on complaints filed by various public sector banks and the Life Insurance Corporation of India.
These complaints pertain to alleged financial fraud involving thousands of crores of rupees. The total estimated loss to banks and financial institutions in all seven cases has been placed at Rs 27,337 crore.
The agency had earlier conducted searches at 14 locations shortly after the registration of these cases, indicating the scale and seriousness of the investigation.
In a significant development, two senior executives of Reliance Communications were arrested on April 20. D. Vishwanath, Joint President of Reliance Communications and the overall in-charge of the Group’s banking operations, and Anil Kalya, Vice President, who allegedly assisted Vishwanath in managing banking operations and overseeing payments and utilisation of funds, were taken into custody by investigators.
Both accused are currently in judicial custody.
The Central Bureau of Investigation further stated that the investigation into the cases involving the Anil Ambani-led Reliance Group is being monitored by the Supreme Court, underscoring the legal and institutional significance of the matter.
The searches in Mumbai mark another critical step in a high-stakes investigation into alleged large-scale diversion of public funds, with investigators focusing on the financial trail, intermediary entities and the role of senior executives in what could become one of the most consequential corporate fraud cases in recent years.
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