Central bureau of investigation (CBI) on Thursday conducted searches at seven locations in connection with a case registered against Reliance Communications Ltd (RCom), one of the companies of the Reliance Anil Dhirubhai Ambani (ADA) group, as part of its ongoing probe into alleged large-scale bank fraud cases involving thousands of crores of rupees.
According to the agency, the searches were carried out across Mumbai, Gurugram and Bengaluru on 14th May following warrants issued by the special judge for CBI cases in Mumbai.
The raids targeted residential premises linked to the then chief executive officer (CEO), chief financial officer (CFO) and directors of the company who were associated with the organisation during the 2015-2017 period.
CBI says the searches resulted in the seizure of incriminating documents and that further investigation was continuing.
The agency stated that during the past few months it had registered seven separate cases against companies of the Anil Ambani-led Reliance group based on complaints filed by various public sector banks and the Life Insurance Corporation of India (LIC).
According to CBI, the total alleged loss in these cases is estimated at around ₹27,337 crore.
The latest searches come amid an intensifying investigation into alleged financial irregularities, diversion and misuse of loan funds linked to the group’s companies.
The agency had earlier conducted searches at 31 locations after registration of the cases.
The arrested executives were identified as D Vishwanath, joint president of RCom who was allegedly overall in charge of the group’s banking operations, and Anil Kalya, vice president, who allegedly assisted in handling banking operations and utilisation of funds.
According to the agency, both accused are currently in judicial custody.
The investigation into the cases concerning the Anil Ambani-led Reliance Group is being monitored by the Supreme Court of India, CBI says.
The Reliance ADA group has faced multiple financial and legal challenges in recent years, including insolvency proceedings involving several group companies.
In February this year, CBI registered a fresh case against Mr Ambani and RCom on allegations of defrauding Bank of Baroda of more than ₹2,223 crore between 2013 and 2017. According to the complaint, the Bank suffered losses exceeding ₹2,220 crore in connection with loans sanctioned to RCom. The first information report (FIR) alleges that the funds were diverted and misused through fictitious transactions involving related parties. Investigators have alleged manipulation of the company’s books of accounts to conceal irregularities.
The loan account had been declared a non-performing asset (NP) in 2017. However, proceedings to classify the account as fraud were stayed following a petition filed by Mr Ambani before the Bombay High Court. The stay was vacated on 23 February 2026, after which Bank of Baroda lodged its complaint and CBI initiated the case.
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