MUMBAI — Following reports that public sector banks and the Life Insurance Corporation suffered a cumulative loss of Rs 27,337 crore, federal investigators announced Tuesday they had successfully executed searches across 17 locations tied to the massive fund diversion.

The searches represent a methodical escalation of a Supreme Court-monitored probe into an Anil Ambani-led conglomerate, which currently faces seven separate cases of alleged bank fraud. Investigators reportedly spent several hours dismantling complex corporate structures by moving between different intermediary companies that all operate out of the exact same mailing address.

"We are taking this Rs 27,337 crore loss very seriously," an agency spokesperson said. "In April 2026, we successfully placed a telecom joint president and a vice president into judicial custody. We believe that holding two executives accountable fully addresses the systemic siphoning of thousands of crores from public financial institutions."

At press time, public banks expressed confidence that the confiscation of several intermediary company files would immediately restore the missing Rs 27,337 crore to their ledgers.