CBI Conducts Searches in Reliance ADA Group Loan Diversion Case
Agency carries out raids at multiple Mumbai locations linked to alleged diversion of bank funds
NEW DELHI, May 12: The Central Bureau of Investigation conducted searches at multiple premises in Mumbai on Monday in connection with alleged diversion of bank funds involving companies linked to the Reliance ADA Group.
Officials said the searches covered 17 locations connected to Reliance Telecom Limited, Reliance Commercial Finance Limited, Reliance Home Finance Limited, and associated individuals.
According to the CBI, the raids were carried out as part of investigations into three separate cases involving alleged financial irregularities and misuse of loan funds obtained from banks and financial institutions.
A spokesperson for the agency stated that searches were conducted at residential premises of company directors and office locations linked to intermediary entities allegedly used for diversion of funds.
