Later, a Reliance statement on the raids said that nothing incriminating had been found and that corporate rivals, who have lost out in the marketplace, were behind this ``cheap trick.'' The statement also assured that this wouldn't affect their growth or performance in any way.

In Delhi, besides searching the Reliance office for the second time, the CBI also raided the residences of key executives, such as those of Group President V Balasubramaniam, among others. Balasubramaniam'sresidence was also raided last month, after which he was booked under the Official Secrets Act, for possessing what the investigating authorities said, were secret documents. Balasubramaniam is alleged to have been involved with Sharma in several deals.

Unlike the last time when the raids took place at the Delhi office, this time around, however, the investigating authorities didn't give any details. On the earlier occasion, Amod Kanth, Joint Commissioner (southern range) had said at a press conference, that several ``incriminating'' documents and computer floppies were seized from Balasubramaniam, and that these showed that he had close, personal links with Sharma.

After today's raids, CBI officials took away several diaries and other documents. The searches which began early in the morning, continued till the evening. Meanwhile in Mumbai, several CBI teams arrived at the premises of the group including the main office at `Maker Chambers IV', Nariman Point, where group Chairman Dhirubhai Ambanisits.

The CBI, led by a DIG from Delhi, R C Arora, was reportedly looking for papers in connection with the case booked against Balasubramaniam. Officers from the Bank Securities and Fraud Cell and the Anti-Corruption Bureau unit from the local branch also participated in the raids. The CBI officers also went to `Sea Wind', the Colaba residence of the Ambanis, this morning.

Reliance spokespersons were at pains to deny to the press that no such search was on. At about 1 pm at Maker Chambers, one official, who came out to the reception which was under siege by media persons, said, ``No, its nothing, we're having an internal audit.''

When reporters persisted, at about 3 pm, Yogesh Desai of Reliance said, ``The policy of the company is not to issue a statement on something that has not happened.'' He would not allow reporters to talk to persons at the reception, who he claimed were the company's employees.

Reliance issued an unsigned statement. It said, ``A CBI team visited various Reliance offices andresidences in Bombay and Delhi in connection with a case registered under the Official Secrets Act, in Delhi, against a company official, Shri V Balasubramaniam. Reliance officials and staff of the company extended full cooperation to these teams. Nothing incriminating was found in the course of these searches in Mumbai and Delhi. Reliance has never obtained or used any documents or information covered by the provisions of the OSA for any purpose. Allegations and misinformation to the contrary are being continuously unleashed on the media by our known corporate rivals. Reliance welcomes a full, free and fair investigation which will manifestly clear Reliance of all such allegations.''