ED summons Reliance Group Chairman Anil Ambani in bank loan fraud case

Anil Ambani has been summoned by the Enforcement Directorate on August 5 for questioning in a money laundering case tied to alleged fraud involving bank loans worth crores of rupees

The Enforcement Directorate (ED) has summoned Reliance Group Chairman Anil Ambani for questioning on August 5 in a money laundering case linked to alleged bank loan fraud worth crores of rupees against his group companies, according to official sources familiar with the matter.

 

The sources further added that Ambani has been asked to depose at the ED headquarters in Delhi as the case has been registered there. The agency will record his statement under the Prevention of Money Laundering Act (PMLA) once he deposes, the sources added.

 

“Some executives of his group companies have also been summoned over the next few days,” the source said.

 

 

However, Reliance Infrastructure, in its statement on Friday, said, “The company wishes to clarify regarding today’s media reports pertaining to an over 10-year-old matter concerning the alleged diversion of Rs 10,000 crore to an undisclosed related party, when the exposure, as per the disclosures in the company’s financial statements, is only around Rs 6,500 crore.”

 

The statement further reads that, in this connection, attention is drawn to the fact that Reliance Infrastructure had publicly disclosed this matter on February 9, 2025, nearly six months ago.

 

The summons come after the enforcement agency conducted searches at 35 premises of 50 companies and 25 people, including executives of his business group, last week. The operation, which launched on July 24, went on for three days.

 

The action pertains to alleged financial irregularities and collective loan “diversion” pegged at more than Rs 17,000 crore by multiple group companies of Anil Ambani, including Reliance Infrastructure (R Infra).

 

The agency found, based on a SEBI report, that R Infra “diverted” funds disguised as inter-corporate deposits (ICDs) to Reliance Group companies through a company named CLE. It is alleged that R Infra did not disclose CLE as its “related party” to avoid approvals from shareholders and audit panels.

 

The company added that Anil Ambani had not been on the Board of R Infra since March 2022, more than three years ago.

 

The ED is also investigating allegations of “illegal” loan diversion of around Rs 3,000 crore, provided by Yes Bank to Ambani’s group companies between 2017-2019. The sources said the ED has found that just before the loan was granted, Yes Bank promoters “received” money in their concerns. The agency is investigating this nexus of “bribe” and the loan.

 

The sources said the ED is also probing allegations of “gross violations” in Yes Bank loan approvals to these companies, including charges such as backdated credit approval memorandums and investments proposed without any due diligence or credit analysis, in violation of the bank’s credit policy.

 

The loans are alleged to have been “diverted” to many group companies and “shell” (bogus) companies by the entities involved.

 

The agency is also examining instances of loans given to entities with weak financials, a lack of proper documentation, and due diligence, as well as borrowers having common addresses and directors in their companies, the sources said.

 

The money laundering case stems from at least two CBI FIRs and reports shared by the National Housing Bank, SEBI, the National Financial Reporting Authority (NFRA), and Bank of Baroda with the ED, sources said.

 

The Union government had informed Parliament recently that the State Bank of India has classified RCOM along with Ambani as a ‘fraud’ and was in the process of lodging a complaint with the CBI. A bank loan “fraud” of more than Rs 1,050 crore between RCOM and Canara Bank is also under the ED’s scanner, apart from some “undisclosed” foreign bank accounts and assets, the sources added.