SFIO Probe Deeper into Anil Ambani’s Reliance Group Over Alleged Fund Diversion

Anil Ambani’s troubled Reliance Group is once again under the scanner after the Ministry of Corporate Affairs (MCA) initiated a fresh investigation into suspected financial irregularities across multiple group companies. The move comes amid simultaneous probes by the Enforcement Directorate (ED), the Central Bureau of Investigation (CBI) and the Securities and Exchange Board of India (SEBI). The case has been transferred to the Serious Fraud Investigation Office (SFIO), which will now examine possible fund diversion and corporate governance lapses within key entities such as Reliance Infrastructure, Reliance Communications, Reliance Commercial Finance and CLE Pvt Ltd.

According to preliminary findings reviewed by the MCA, evidence suggests large-scale siphoning of funds and violations of several provisions under the Companies Act. The SFIO investigation aims to trace the flow of money across interlinked companies, identify responsible executives, and determine whether senior management was complicit in orchestrating financial mismanagement. Officials said that action will be taken once the probe establishes the extent of liability and misuse of funds.

The MCA order follows a parallel clampdown by the Enforcement Directorate, which earlier this week attached assets worth approximately Rs 7,500 crore belonging to Reliance Group firms. The attached holdings include 30 properties linked to Reliance Infrastructure, as well as assets tied to Adhar Property Consultancy, Mohanbir Hi-tech Build, Gamesa Investment Management, Vihaan43 Realty and Campion Properties. These attachments are connected to an ongoing multi-crore bank fraud case that investigators say stems from loans raised more than a decade ago.

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The ED’s case focuses on borrowings by Reliance Communications (RCOM) and its group entities between 2010 and 2012. Investigators estimate that at least Rs 13,600 crore was funneled through layered transactions, with a portion believed to have been moved offshore. Authorities allege that funds meant for operational use were instead redirected to service older debts, a practice described as “evergreening.” The agency reported that loans amounting to Rs 19,694 crore remain outstanding, and five Indian banks have declared RCOM’s accounts fraudulent.

The escalating action marks yet another setback for the debt-laden Reliance Group, several of whose companies, including RCOM, are already embroiled in insolvency proceedings. Earlier raids by the CBI and ED in August targeted Anil Ambani’s offices and residence, leading to the arrest of a senior finance executive. With the SFIO set to deepen the investigation, the group now faces one of its most serious financial probes to date, signalling heightened government scrutiny and potential legal repercussions for its top leadership.

Also Read: ED Targets Anil Ambani’s Reliance Infra in Rs 17,000 Crore Fund Diversion Scandal