Anil Ambani, the 66-year-old Chairman of Reliance Group, appeared before the Enforcement Directorate (ED) in central Delhi today for questioning in a high-profile money laundering investigation. The probe centers on alleged bank loan frauds involving his group companies, with financial irregularities reportedly exceeding ₹17,000 crore.
The ED is scrutinizing claims of illegal loan diversions, particularly a ₹3,000 crore loan from Yes Bank to Ambani’s companies between 2017 and 2019. Sources allege that Yes Bank promoters received payments in their firms just before the loans were approved, hinting at a possible bribe-for-loan scheme. The agency is also investigating "gross violations" in loan approvals, including backdated credit approvals and investments made without proper due diligence, flouting Yes Bank’s credit policies.
Further, the ED is probing loans diverted to shell companies and entities with weak financials, lacking proper documentation. Common addresses and directors among borrower companies have raised red flags. The case draws from multiple sources, including CBI FIRs, and reports from SEBI, National Housing Bank, National Financial Reporting Authority, and Bank of Baroda, which suggest a calculated scheme to siphon off public funds.
Also Read: ED Issues Look Out Circular Against Anil Ambani in 17,000 Cr Loan Fraud Probe
Another focal point is Reliance Infrastructure’s (R Infra) alleged diversion of funds through inter-corporate deposits to Reliance Group entities via a company, CLE, not disclosed as a related party. A Reliance Group spokesperson denied these claims, stating the issue, dating back a decade, involved ₹6,500 crore, fully disclosed on February 9, 2025. They added that a settlement mediated by a retired Supreme Court judge ensured 100% recovery of this amount, as filed with the Bombay High Court. The spokesperson also clarified that Ambani has not been on R Infra’s board since March 2022.
The ED is also examining a ₹1,050 crore loan fraud case involving Reliance Communications (RCOM) and Canara Bank, alongside undisclosed foreign bank accounts and assets. Additionally, suspicions surround Reliance Mutual Fund’s ₹2,850 crore investment in risky Additional Tier 1 (AT-1) bonds, with the ED probing a potential quid pro quo.
The investigation follows ED searches on July 24 at 35 premises linked to 50 companies and 25 individuals, including Reliance Group executives, in Mumbai. The State Bank of India recently labeled RCOM and Ambani as "fraud" in Parliament, with plans to file a CBI complaint.
As the ED digs deeper, the financial world watches closely to see how this saga unfolds for one of India’s most prominent business tycoons.
Also Read: Anil Ambani Faces ED in Rs 3,000 Crore Fraud