The Enforcement Directorate (ED) has attached assets worth a staggering Rs 3,084 crore linked to entities of the Reliance Anil Ambani Group. The move, part of a long-running probe into alleged money laundering and diversion of public funds, has once again thrust the beleaguered business empire into the spotlight.
The ED’s attachment order, issued on October 31, 2025, under Section 5(1) of the Prevention of Money Laundering Act (PMLA), covers prime properties across India, reported IANS.
Among them are Anil Ambani’s sprawling residence at Pali Hill in Bandra (West), Mumbai, and the Reliance Centre property in New Delhi. Other seized assets include luxury apartments, commercial buildings, and land parcels spread across Delhi, Noida, Ghaziabad, Pune, Thane, Hyderabad, Chennai (including Kancheepuram), and East Godavari.
Together, these assets are valued at Rs 3,084 crore, and according to the ED, represent the proceeds of crime derived from alleged irregularities involving Reliance Home Finance Ltd (RHFL) and Reliance Commercial Finance Ltd (RCFL).
The Case Behind the Crackdown
The current probe stems from accusations that funds raised by RHFL and RCFL were diverted for unauthorised purposes. Between 2017 and 2019, Yes Bank invested Rs 2,965 crore in RHFL and Rs 2,045 crore in RCFL through debt instruments. By December 2019, those investments turned into non-performing assets, with Rs 1,353.50 crore outstanding for RHFL and Rs 1,984 crore for RCFL.
Investigators found that the erstwhile Reliance Nippon Mutual Fund was restricted by SEBI’s conflict-of-interest norms from directly investing in the Anil Ambani Group’s financial companies. To circumvent this rule, funds from ordinary investors were allegedly routed indirectly through Yes Bank’s exposure to RHFL and RCFL, which then channelled the money into Anil Ambani Group-linked entities.
The ED alleges that these transactions formed part of a layered diversion strategy, using inter-company loans and round-tripping techniques to mask the movement of funds. Officials described these activities as intentional and systematic control failures that enabled the alleged misappropriation of public money.
Expanding Probe Into Reliance Companies
The agency’s focus has widened beyond RHFL and RCFL. It is also probing Reliance Communications Ltd (RCOM) and other associated firms for alleged loan frauds totalling more than Rs 13,600 crore. Of this, Rs 12,600 crore was reportedly funnelled to related companies, while Rs 1,800 crore was parked in fixed deposits and mutual funds before being withdrawn and redirected.
Officials also pointed to widespread misuse of bill discounting facilities, which they believe were exploited to move funds between connected parties.
The Cobrapost Allegations and Group’s Response
Adding further intrigue to the saga, investigative portal Cobrapost recently published a report alleging that the Reliance Anil Dhirubhai Ambani Group had engaged in “a massive banking fraud amounting to more than Rs 28,874 crore” since 2006. The report claimed that funds were siphoned off through loans, IPOs, and bonds floated by listed ADA Group companies.
In a swift rebuttal, the Reliance Group dismissed the Cobrapost report as “a malicious, baseless, and motivated campaign” allegedly driven by corporate rivals.
An Expanding Web of Investigations
The ED’s latest move follows months of raids and questioning of senior executives. In July, the agency raided 35 premises linked to 50 companies and 25 individuals, including top officials from the group. Anil Ambani himself was questioned by investigators in August.
In September, the Central Bureau of Investigation (CBI) filed a chargesheet naming Anil Ambani, former Yes Bank CEO Rana Kapoor, and several others in connection with alleged fraudulent transactions between RHFL, RCFL, and Yes Bank. The chargesheet cited a loss of Rs 2,796 crore to the bank.
