₹3K crore 'fraud' case: ED issues lookout notice against Anil Ambani

Ambani not permitted to leave India without approval

The Directorate of Enforcement (ED) on Friday issued a lookout notice against Anil Ambani in connection with the ₹3,000 crore loan fraud case, according to sources, who revealed that the industrialist is not permitted to leave India without prior approval from the investigating officer. If he attempts to travel abroad, he could be detained at airports or seaports.

 

The agency has already summoned the Reliance group chairman 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 here. The agency will record his statement under the Prevention of Money Laundering Act (PMLA) once he deposes, they said. 

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

 

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

 

The statement further read that in this connection, attention is invited that Reliance Infrastructure had publicly disclosed this matter on February 9, 2025 — nearly six months ago.

 

The summons come after the ED conducted searches at 35 premises of 50 companies and 25 people, including executives of Ambani’s business group, last week. The search operation was launched on July 24, and it went on for three days.

 

The ED action pertains to alleged financial irregularities and collective loan "diversion", pegged at more than ₹17,000 crore, by multiple Ambani group companies, including RInfra. 

 

On the basis of a Securities and Exchange Board of India (Sebi) report, the agency has found that RInfra "diverted" funds disguised as inter-corporate deposits (ICDs) to Reliance Group companies through a company named CLE. It is alleged that RInfra did not disclose CLE as its "related party" to avoid approvals from shareholders and audit panels.

 

The company claimed that Anil Ambani was not on the Board of RInfra since March 2022 — for more than three years now.

 

The ED is also looking at allegations of "illegal" loan diversion of around ₹3,000 crore, given by Yes Bank to Ambani group companies between 2017 and 2019. The ED, the sources said, has found that just before the loan was granted, Yes Bank promoters "received" a good amount of money. The agency is investigating if there is any link between this money and the loan.

 

The sources said the agency is also probing allegations of "gross violations" in Yes Bank loan approvals to these companies, including charges such as back-dated credit approval memorandums and investments proposed without any due diligence/credit analysis in violation of the bank's credit policy.

 

At the same time, the agency is looking at some instances of loans given to entities with weak financials, a lack of proper documentation of loans and due diligence, and borrowers having common addresses and common directors in their companies, etc., the sources said.

 

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

 

Recently, the Union government had informed Parliament that State Bank of India has classified Reliance Communications (RCom) along with Ambani as “fraud”, and was also in the process of lodging a complaint with the CBI. A Canara Bank loan "fraud" of more than ₹1,050 crore involving RCom is also under the scanner of the ED, apart from some "undisclosed" foreign bank accounts and assets, the sources said.