ED Attaches ₹1,120 Crore Worth of Ambani's Reliance Group Assets In Money Laundering Probe

The Enforcement Directorate has intensified its money laundering probe against companies linked to Reliance Group chairman Anil Ambani, attaching fresh assets worth ₹1,120 crore. Officials confirmed that the latest action brings the total value of assets attached in the case to a staggering ₹10,117 crore, underscoring the scale of alleged financial irregularities within the group.

According to the ED, the newly attached properties include eighteen assets such as the Reliance Centre in Mumbai's Ballard Estate, fixed deposits, bank balances, and shareholdings in unquoted investments belonging to the Reliance Anil Ambani Group. In addition, seven properties of Reliance Infrastructure Ltd, two properties of Reliance Power Ltd, and nine properties of Reliance Value Service Private Ltd have been provisionally seized under the Prevention of Money Laundering Act (PMLA).

The agency also attached fixed deposits and investments held in the names of Reliance Venture Asset Management Private Ltd, Phi Management Solutions Private Ltd, Adhar Property Consultancy Pvt Ltd, and Gamesa Investment Management Private Ltd.

This development follows earlier ED action in which assets worth over ₹8,997 crore were attached in connection with bank fraud cases involving Reliance Communications Ltd (RCOM), Reliance Commercial Finance Ltd, and Reliance Home Finance Ltd. With the latest seizure, the investigation has widened significantly, painting a picture of alleged systemic misuse of funds across multiple Reliance Group entities.

The ED has flagged what it describes as circuitous routing of public funds into Reliance firms. Between 2017 and 2019, Yes Bank invested ₹2,965 crore in instruments of Reliance Home Finance Ltd (RHFL) and ₹2,045 crore in Reliance Commercial Finance Ltd (RCFL). By December 2019, these investments had turned non-performing, leaving outstanding dues of ₹1,353.50 crore for RHFL and ₹1,984 crore for RCFL.

Investigators allege that RHFL and RCFL together received more than ₹11,000 crore in public funds. The agency claims that before Yes Bank invested in these companies, it had received substantial funds from Reliance Nippon Mutual Fund. However, SEBI regulations barred the mutual fund from directly investing in Anil Ambani group finance companies due to conflict-of-interest rules. As a result, the ED says, public money was routed indirectly through Yes Bank exposures, creating a circuitous channel that ultimately benefited Reliance firms.

The investigation has also expanded to include allegations based on a CBI FIR against RCOM, Anil Ambani, and others. ED officials allege that RCOM and its group companies borrowed ₹40,185 crore from domestic and foreign lenders between 2010 and 2012.

Nine banks have since declared these loan accounts fraudulent. According to the ED, loans taken by one entity were often used to repay borrowings of another, transferred to related parties, or invested in mutual funds, in violation of loan sanction conditions. The agency claims that over ₹13,600 crore was diverted for evergreening of loans, more than ₹12,600 crore was transferred to connected parties, and ₹1,800 crore was invested in fixed deposits and mutual funds, which were later liquidated and rerouted to group entities.

Investigators further allege that bill discounting was misused extensively to funnel funds to related parties, while certain loans were siphoned abroad through foreign remittances. These findings, the ED says, point to a pattern of financial mismanagement and diversion of funds across Reliance Group companies.

The case marks one of the largest ongoing probes into corporate financial misconduct in India, with the ED's actions highlighting concerns over the misuse of public funds and the complex financial structures employed to channel money into group entities. As the investigation continues, the spotlight remains firmly on Anil Ambani's Reliance Group and its financial dealings, with regulators and enforcement agencies seeking to unravel the full extent of the alleged irregularities.

With inputs from agencies