Anil Ambani appears before ED in PMLA case linked to alleged loan fraud

Anil Ambani arrives in Delhi after ED summons him in a case linked to alleged loan fraud; agency to record his statement on Tuesday under the Prevention of Money Laundering Act

Reliance Group Chairman Anil Ambani on Tuesday appeared before the Enforcement Directorate (ED) in Delhi for questioning in an alleged ₹17,000-crore loan fraud case.

 

On August 1, the ED issued a Look Out Circular (LOC) against Anil Ambani to stop him from leaving the country while the investigation is ongoing. An LOC is typically issued to ensure that individuals under probe are available for questioning and do not flee abroad.

 

What is the loan fraud case against Anil Ambani?

 

Anil Ambani, 66, has been summoned as part of a money laundering probe linked to his group companies. The case involves alleged diversion of loans worth over ₹10,000 crore — some reports peg the total closer to ₹17,000 crore. His statement will be recorded under the Prevention of Money Laundering Act (PMLA).

 

 

Between July 24 and 26, the ED conducted raids at more than 35 locations across Mumbai and Delhi. These raids targeted over 50 companies and 25 individuals connected to the Reliance Anil Dhirubhai Ambani Group (RAAGA). One of the main concerns is about loans worth ₹3,000 crore disbursed by Yes Bank between 2017 and 2019, which is believed to have been siphoned off to shell companies and non-genuine entities. Several of these companies reportedly shared the same addresses and directors.   

 

How did Reliance Group respond?

 

Reacting to the reports, a Reliance Group spokesperson claimed the reported ₹10,000 crore diversion figure is exaggerated. "Reliance Infrastructure publicly disclosed this matter on February 9, 2025, and Sebi did not make any independent discovery," the company said.

 

It added, “Reliance Infra had an exposure of ₹6,500 crore. The allegation that the diverted amount is ₹10,000 crore only serves to sensationalise the magnitude and is not based on facts.”

 

The company also said it is trying to recover the dues. “Through mandatory mediation proceedings conducted by a retired Supreme Court judge and filed before the Bombay High Court, Reliance Infra arrived at a settlement to recover its entire exposure of ₹6,500 crore,” the spokesperson added.     

 

Multiple agencies, wider allegations

 

The probe draws from two CBI FIRs, and inputs from Sebi, the National Housing Bank, National Financial Reporting Authority (NFRA), and Bank of Baroda. A source earlier told Business Standard that the case involves forged documents, backdated approvals, and possible bribes to Yes Bank officials. Loans were allegedly disbursed in haste without proper checks. 

Other group entities under ED's scanner

 

Reliance Infrastructure and Reliance Power issued statements after the raids, saying there would be no financial or operational impact. They clarified that Anil Ambani holds no board position in these firms. The transactions in question involve Reliance Communications (RCOM) and Reliance Home Finance Ltd (RHFL), which are under separate resolution proceedings.

 

Reliance Infra is also being examined for allegedly moving large sums through an undisclosed entity called “C Company”. Meanwhile, RHFL is accused of issuing unsecured loans without proper documentation.

 

Just before the ED raids, the State Bank of India informed Parliament it had declared Anil Ambani and Reliance Communications as "fraud" entities and is preparing to file a case with the CBI.

 

Separately, the ED is also investigating possible misuse of ₹2,850 crore invested in Additional Tier-1 (AT-1) bonds by Reliance Mutual Fund.

 

(With agency inputs)