Bank Fund Diversion: CBI Raids 15 Locations Linked To Anil Ambanis Reliance ADA Group Over ₹27,337-Crore

CBI raided 15 locations in Mumbai and Delhi linked to Reliance ADA Group companies RCFL and RHFL over alleged ₹27,337-crore bank fund diversion.

Searches covered 23 entities used as conduits to divert loans from RCFL and RHFL to other group companies, causing losses to public sector banks and LIC.

Premises of three former executives were searched: former CFO of RHFL, former Secretarial Head of Reliance ADA Group, and former Chief Treasury Consultant of RHFL.

Seven FIRs have been registered against Reliance Communications, RHFL, RCFL, and Reliance Telecom based on complaints from banks and LIC.

Reliance ADA Group previously denied wrongdoing and did not respond to queries on the latest searches.