ED raids Anil Ambani Group in ₹3,000 crore bank loan fraud probe

The Enforcement Directorate (ED) conducted extensive simultaneous raids across Mumbai on Thursday in connection with an alleged ₹3,000 crore bank loan fraud and money laundering case involving companies tied to Reliance Group chairman Anil Ambani.

Sources confirmed that over 35 premises linked to 50 companies and 25 individuals are being searched under the Prevention of Money Laundering Act (PMLA). A Delhi-based ED investigation unit is leading the probe.

The investigation focuses on allegations that approximately ₹3,000 crore in loans disbursed by Yes Bank between 2017 and 2019 were illegally diverted. The ED is also examining a potential “bribe” nexus, where Yes Bank promoters reportedly received funds prior to the loan sanctions.

Further allegations under scrutiny include “gross violations” in Yes Bank’s loan approval processes, such as back-dated credit memos and investments made without due diligence. The agency is also looking into instances of loans to entities with weak financials and inadequate documentation.

This money laundering case stems from multiple CBI FIRs and reports from regulatory bodies including the National Housing Bank and SEBI, which suggest a “well-planned scheme” to siphon public funds. A SEBI report on Reliance Home Finance Limited, highlighting a significant increase in corporate loans, is understood to be a key basis for the ED’s inquiry.

Statement by Reliance Infrastructure

Meanwhile, erstwhile Anil Ambani company — Reliance Infrastructure Limited — has clarified that the said actions have absolutely no impact on the business operations, financial performance, shareholders, employees, or any other stakeholders of Reliance Infrastructure.

“The media reports appear to pertain to allegations concerning transactions of Reliance Communications Limited (RCOM) or Reliance Home Finance Limited (RHFL) which are over 10 years old,” it said in a statement.
It added: “Reliance Infrastructure is a separate and independent listed entity with no business or financial linkage to RCOM or RHFL. RCOM is undergoing Corporate Insolvency Resolution Process as per the Insolvency and Bankruptcy Code, 2016 since over 6 years.

It further said that RHFL has been fully resolved pursuant to the judgment of the Supreme Court of India.
It further said that Anil D Ambani is not on the Board of Reliance Infrastructure. “Accordingly, any action taken against RCOM or RHFL has no bearing or impact on the governance, management, or operations of Reliance Infrastructure. Reliance Infrastructure continues to focus on its business plans and remains committed
to creating value for all stakeholders,” the company said in a statement.

It must be mentioned here that State Bank of India (SBI), the country’s largest lender, has recently classified the loan account of the insolvent telecom firm Reliance Communications (RCom) as “fraud” and reported its former promoter and director, Anil Ambani, to the Reserve Bank of India (RBI). This decision, conveyed in a letter dated June 23, 2025, follows an internal fraud identification committee’s findings.

According to SBI, a significant portion of the Rs 31,580 crore borrowed by RCom and its subsidiaries from banks, specifically Rs 12,692.31 crore (about 41% of the total), was allegedly diverted to “connected parties” through complex inter-group transactions, rather than being used for sanctioned purposes or for repaying other bank loans. Only Rs 6,265.85 crore was used for debt repayment.

Also See: SBI classifies RCom loan account as fraud; reports Anil Ambani to RBI