The Enforcement Directorate (ED) has attached assets worth about ₹7,500 crore allegedly linked to the Reliance Anil Ambani Group in connection with investigations under the Prevention of Money Laundering Act (PMLA), the agency said on Monday (November 3, 2025).
The assets include more than 132 acres of land of the Dhirubhai Ambani Knowledge City in Navi Mumbai, Maharashtra, worth over ₹4,462 crore in the Reliance Communications Limited (RCOM) “bank fraud” case. The ED is conducting the probe based on a First Information Report registered by the Central Bureau of Investigation against RCOM, Anil Ambani, and others.
“RCOM and its group companies availed loans from domestic and foreign lenders from the period of 2010-2012 onwards, of which a total amount of ₹40,185 crore is outstanding. Five banks have declared the loan accounts of the Group as fraud,” the agency said.
It had earlier provisionally attached over 42 properties of the Reliance Anil Dhirubhai Ambani Group worth over ₹3,083 crore in alleged bank fraud cases of RCOM, Reliance Commercial Finance Limited (RCFL), and Reliance Home Finance Limited (RHFL), the ED said.
While 30 properties are of Reliance Infrastructure Limited, five of Adhar Property Consultancy Private Limited, four properties of Mohanbir Hi-tech Build Private Limited, and one each of Gamesa Investment Management Private Limited, Vihaan43 Realty Private Limited (earlier known as Kunjbihari Developers Private Limited) and Campion Properties Limited.
“So far, the ED has detected fraudulent diversion of public money by various Reliance Anil Ambani Group companies, including RCOM, Reliance Home Finance Ltd. (RHFL), Reliance Commercial Finance Ltd. (RCFL), Reliance Infrastructure Ltd. (RIL), and Reliance Power Ltd. (RHFL),” the ED said.
“From around 2010-12 onwards, RCOM and its group companies raised thousands of crores from Indian banks, of which ₹19,694 crore still remains outstanding. These assets turned NPA (non-performing assets), with five banks having declared RCOM’s loan accounts as fraud….loans taken by one entity from one bank were utilised for repayment of loans taken by other entities from other banks, transfer to related parties, and investments in mutual funds, which was in contravention to the terms and conditions of the sanction letter of the loans,” the ED said.
RCOM and its group entities allegedly diverted over ₹13,600 crore to evergreening loans, over ₹12,600 crore was diverted to connected parties, and over ₹1,800 crore was invested in fixed deposits, mutual funds, etc., which was substantially liquidated for re-routing to group entities, the agency alleged.
“Certain loans were siphoned off outside India through foreign outward remittances,” it said.
During 2017-2019, as alleged, Yes Bank invested ₹2,965 crore in RHFL and ₹2,045 crore in RCFL instruments. By December 2019, these became non-performing investments, with outstanding sums of ₹1,353.50 crore for RHFL, and ₹1,984 crore for RCFL.
RHFL and RCFL received public funds of over ₹10,000 crore. A large amount came from Yes Bank. Before Yes Bank invested the money in the Reliance Anil Dhirubhai Ambani Group companies, it had allegedly received huge funds from the erstwhile Reliance Nippon Mutual Fund. “The RHFL and RCFL borrowing was from more than 35 banks and financial institutions. Large parts of the loans were not repaid. A majority of these loans were diverted,” the ED said.
Alleging that multiple irregularities had been detected, the agency said the funds were ultimately siphoned off. The agency listed the alleged violations in the loans extended by RHFL and RCFL to Crest Logistics and Engineers Private Limited, Species Commerce and Trade Private Limited, Worldcom Solutions Limited, RPL Solar Power Private Limited, RPL Star Power Private Limited, and RPL Sunlight Power Private Limited.
The agency said large corporate loans had been processed in one day, without following the process properly. “Many illegal and undue waivers were granted to various suspicious borrowers, which ultimately contributed to loans being siphoned off…for example, RPL Aditya Power Private Limited had nil revenue and yet was sanctioned ₹139.50 crore,” the ED said, adding that borrowers shared addresses, directors, and auditors with the Anil Ambani Group entities.
“Substantial loans move to CLE Pvt. Ltd. and then to Reliance Infrastructure Ltd. (RInfra). At least 13 borrowers routed over ₹1,460 crore to RInfra through CLE Pvt. Ltd,” the agency said. “The fund trail confirms pre-decided end-use. Loan funds moved from one account to another within minutes. The pattern shows layering and round-tripping. The accounting entries created a façade of genuine transactions,” said the ED.
Under the Foreign Exchange Management Act, in the case of RInfra, the agency said it found that ₹40 crore was siphoned from the Jaipur-Reengus highway project. The funds allegedly moved through Surat-based shell companies to Dubai. “The trail has unearthed a wider international hawala network exceeding ₹600 crore,” the ED alleged.
RInfra submitted before the stock exchanges that the ED’s action had not led to any impact on its business operations, shareholders, employees, or other stakeholders. Mr. Anil Ambani had not been on the RInfra Board for more than 3.5 years. He served as a non-executive director on the board of RCOM, and resigned from the position in 2019, the company said.
Published – November 03, 2025 09:09 am IST
