CBI investigations into Reliance ADA Group

The Central Bureau of Investigation (CBI) has launched multiple investigations into alleged financial misconduct and fund diversion involving entities within the Reliance ADA Group.

In one instance, the CBI registered a First Information Report (FIR) following a complaint from the Life Insurance Corporation of India (LIC). LIC alleges that between 2012 and 2018, funds totaling Rs 3,900 crore intended for corporate purposes were diverted through misrepresentation and criminal conspiracy, resulting in a loss of Rs 2,684.57 crore. The probe targets former Reliance Capital chairman Anil Ambani and other executives, though Ambani’s spokesperson has denied all wrongdoing.

In a separate development, the CBI filed a second chargesheet regarding Reliance Home Finance Limited (RHFL), alleging the diversion of 7,429.16 crore rupees. The agency claims funds raised as loans were channeled through intermediaries to various Reliance ADA Group entities, violating lender terms. This chargesheet names 11 accused individuals and entities, including several Reliance group companies and high-ranking executives. The investigation into the group is reportedly being conducted under Supreme Court supervision.