ED Attaches Rs 1120 Crore Worth Assets Linked To Anil Ambani's Reliance Group
The Enforcement Directorate probe detected huge misuse of bill discounting for funnelling funds to connected parties.
Published : December 5, 2025 at 6:55 PM IST
New Delhi: Enforcement Directorate (ED) has provisionally attached over 18 properties, fixed deposits, bank balance and shareholding in unquoted investments of Anil Ambani's Reliance group companies worth Rs 1120 crore under the Prevention of Money Laundering Act, 2002, in a case related to alleged fraud involving Reliance Home Finance Limited (RHFL), Reliance Commercial Finance Limited (RCFL) and Yes Bank.
The attached assets include more than 18 properties, fixed deposits, bank balances and unquoted shareholdings. Among the properties seized are seven assets of Reliance Infrastructure Limited, two assets of Reliance Power Limited, and nine assets of Reliance Value Services Private Limited. Fixed deposits and investments linked to Reliance Value Service Pvt Ltd, Reliance Venture Asset Management Pvt Ltd, Phi Management Solutions Pvt Ltd, Adhar Property Consultancy Pvt Ltd, and Gamesa Investment Management Pvt Ltd have also been attached
"The provisionally attached properties comprises of 7 properties of Reliance Infrastructure Limited, 2 properties of Reliance Power Limited, 9 properties of Reliance Value Service Private Limited, Fixed Deposits in the name of Reliance Value Service Private Limited, Reliance Venture Asset Management Private Limited, Phi Management Solutions Private Limited, Adhar Property Consultancy Pvt Ltd, Gamesa Investment Management Private Limited and Further Investments made in Unquoted Investment by Reliance Venture Asset Management Private Limited and Phi Management Solutions Private Limited,” ED said in its communiqué.
Notably, the probe agency had earlier attached properties worth over Rs 8,997 crore in alleged fraud cases of Reliance Communications Ltd (RCOM), Reliance Commercial Finance Ltd, and Reliance Home Finance Ltd. Therefore, cumulative group attachment reached Rs 10,117 crore.
The agency has detected fraudulent diversion of public money by various Anil Ambani's group companies, including Reliance Communications Ltd, Reliance Home Finance Ltd (RHFL), Reliance Commercial Finance Ltd (RCFL), Reliance Infrastructure Ltd (RIL) & Reliance Power Ltd (RHFL), the probe agency stated.
During 2017–2019, Yes Bank invested Rs 2,965 crore in RHFL instruments and Rs 2,045 crore in RCFL instruments. By December 2019, these became non-performing investments. The outstanding was Rs 1,353.50 crore for RHFL and Rs 1,984 crore for RCFL.
ED’s investigation in the case of RHFL and RCFL reveals that the two entities received public funds of more than Rs 11,000 crore. Before Yes Bank invested this money in Reliance group companies, Yes Bank had received huge funds from the erstwhile Reliance Nippon Mutual Fund.
As per SEBI regulations, Reliance Nippon Mutual Fund could not invest or divert funds directly in the finance companies owned by Anil Ambani 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," stated ED in a statement.
"The public funds reached Anil Ambani's group companies through a circuitous route. ED has also initiated an investigation on the basis of an FIR registered by CBI under various Sections of the Indian Penal Code, 1860 and the Prevention of Corruption Act, 1989, against RCOM, Anil Ambani and others. RCOM and its group companies availed loans from domestic and foreign lenders from the period of 2010-2012 onwards, of which a total amount of Rs 40,185 crore is outstanding. 9 banks have declared the loan accounts of the Group as fraudulent,” the ED official said.
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 of the terms and conditions of the sanction letter of the loans. In particular, RCOM and its group companies diverted over Rs 13,600 crore for evergreening of loans, over Rs 12,600 crore was diverted to connected parties and over Rs 1,800 crore was invested in FDs/MFs, which were substantially liquidated for rerouting to group entities, the agency statement mentioned.
Huge misuse of bill discounting for the purpose of funnelling funds to connected parties has also been detected by ED. Certain loans were siphoned off outside India through foreign outward remittances, it added.
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