CBI Raids Reliance ADA Group Premises in ₹27,337 Crore Fraud Probe
Central agency intensifies investigation into alleged diversion of bank funds linked to Anil Ambani-led companies.
New Delhi, May 11 : The Central Bureau of Investigation carried out major searches across Mumbai on May 9 and May 10 in connection with an alleged banking fraud involving companies linked to the Reliance ADA Group. Investigators conducted raids at 17 locations tied to Reliance Telecom, Reliance Commercial Finance, Reliance Home Finance, and associated directors and intermediaries.
According to officials, the cases involve alleged fraud amounting to ₹27,337 crore, making it one of the largest corporate banking investigations currently underway in India. The searches were conducted after warrants were issued by a Special CBI Court in Mumbai.
The investigation focuses on allegations that public sector bank funds and LIC-linked money were diverted through intermediary companies. Officials stated that several shell entities appeared to be operating from common addresses, raising suspicions of coordinated financial routing and fund diversion.
During the raids, investigators reportedly seized incriminating documents, financial records, and electronic evidence. The CBI said the searches targeted both residential premises of company directors and office locations connected to intermediary firms suspected of handling transactions.
The cases form part of seven investigations registered against the Anil Ambani-led Reliance Group in recent months. Public sector banks and financial institutions filed complaints after detecting alleged irregularities in loans and fund utilization patterns.
Two former Reliance Communications executives were arrested earlier in April and remain in judicial custody. Officials believe the executives played key roles in handling banking operations and managing financial transactions connected to the alleged diversion of funds.
The investigation is reportedly being monitored by the Supreme Court due to the scale of the alleged financial losses and the involvement of multiple institutions. Banking sector experts believe the case could significantly influence future corporate lending regulations and oversight mechanisms.
The Reliance ADA Group has not yet issued a detailed public response regarding the latest searches. Legal experts expect lengthy proceedings as investigators examine complex financial trails involving multiple companies and loan accounts.
The case has also triggered wider political debate over corporate accountability and financial regulation in India. Opposition parties have demanded transparency in the investigation, while government officials insist that agencies are acting independently under due legal process.
Financial analysts say the probe highlights continuing concerns about non-performing assets, large corporate loans, and the risks faced by public sector banks in high-value lending cases. The outcome of the investigation may have long-term implications for India’s banking and corporate governance frameworks.
