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Informist, Wednesday, Jan. 28, 2026

 

NEW DELHI – The Enforcement Directorate Wednesday attached several assets, including bank balance, receivables, shareholding in unquoted investments, immovable properties, totalling INR 18.85 billion, in connection with bank fraud cases involving Anil Ambani. The assets have been attached in the fraud cases involving Reliance Home Finance Ltd., Reliance Commercial Finance Ltd., YES Bank, and Reliance Communications Ltd., the probe agency said in a release.

 

The directorate detected fraudulent diversion of public money by various Reliance Anil Ambani group companies and the attachments were made in four separate orders.

 

The attached properties include shareholding of Reliance Infrastructure Ltd. in BSES Yamuna Power Ltd., BSES Rajdhani Power Ltd. and Mumbai Metro One Pvt. Ltd. It also includes a bank balance of INR 1.48 billion and receivables worth INR 1.43 billion in the hands of Value Corp. Finance and Securities Ltd. More assets in the form of Reliance employees' residential property and shares were also attached, the agency said.

 

In the past, the Enforcement Directorate has attached properties worth over INR 101.17 billion in the bank fraud cases of Reliance Communications, Reliance Commercial Finance, and Reliance Home Finance. "Therefore, Cumulative Group Attachment has reached Rs 12,000 Crore (INR 120 billion)," the probe agency said. 

 

According to the Enforcement Directorate, during 2017–2019, YES Bank invested INR 29.65 billion in instruments of Reliance Home Finance and INR 20.45 billion in instruments of Reliance Commercial Finance. By December 2019, these became non-performing investments and the probe agency's investigation in these two cases revealed that the two companies received public funds of over INR 110 billion.

 

Before YES Bank invested this money in Reliance Anil Ambani group companies, the bank had received huge funds from erstwhile Reliance Nippon Mutual Fund. As per the Securities and Exchange Board of India regulations, Reliance Nippon Mutual Fund could not invest or divert funds directly in Anil Ambani group finance companies due to conflict-of-interest rules. Therefore, public money in mutual fund schemes was routed indirectly by them. The path ran through YES Bank's exposures. "The public funds reached Anil Ambani group companies through circuitous route," the probe agency said.

 

The directorate had also investigated that Anil Ambani-led group companies availed loans from domestic and foreign lenders from the period of 2010-2012 onwards, of which a total amount of INR 401.85 billion is unpaid. Nine banks have declared the loan accounts of the group as fraud.

 

"ED investigation revealed that loans taken by one entity from one bank were utilised for repayment of loans taken by other entities from other banks, transfer to related parties, and investments in mutual funds, which was in contravention to the terms and conditions of the sanction letter of the loans," according to the press release.

 

In particular, Reliance Communications and its group companies diverted over INR 136 billion for evergreening of loans, over INR 126 billion to connected parties, and over INR 18 billion into investments which were substantially liquidated for rerouting to group entities. "Huge misuse of bill discounting for the purpose of funneling funds to connected parties has also been detected by ED. Certain loans were siphoned off outside India through foreign outward remittances," the agency added. Further investigation is underway.  End

 

Reported by Priyasmita Dutta

Edited by Ashish Shirke

 

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