MUMBAI (India CSR): In a major escalation of the money laundering probe, the Enforcement Directorate (ED) has attached over 40 properties valued at about Rs. 3,084 crore linked to Anil Ambani’s Reliance Group. The provisional attachment includes Ambani’s Pali Hill residence and assets spread across Mumbai, Delhi, Noida, Ghaziabad, Pune, Thane, Hyderabad, Chennai, Kancheepuram, and East Godavari.
Attachment under PMLA
According to officials, the properties were attached under Section 5(1) of the Prevention of Money Laundering Act (PMLA). The order, issued on October 31, 2025, covers office spaces, residential units, and land parcels belonging to entities associated with the Reliance Anil Dhirubhai Ambani Group (ADAG).
Yes Bank–Reliance Loan Link Under Scanner
The case involves the alleged diversion of public money raised by Reliance Home Finance Ltd (RHFL) and Reliance Commercial Finance Ltd (RCFL). Between 2017 and 2019, Yes Bank invested Rs. 2,965 crore in RHFL and Rs. 2,045 crore in RCFL. By December 2019, these investments turned bad, with Rs. 1,353.5 crore unpaid for RHFL and Rs. 1,984 crore for RCFL.
Investigations revealed that direct investments by Reliance Nippon Mutual Fund into Ambani group firms were prohibited under SEBI’s conflict-of-interest rules. To bypass these restrictions, the funds were allegedly channelled through Yes Bank’s investments, eventually reaching RHFL and RCFL, which later extended loans to group-linked entities.
ED Flags Fund Diversion and Control Failures
The ED’s fund-tracing exercise found that large portions of these corporate loans were diverted and siphoned off through group-controlled companies. Loans were often sanctioned with minimal scrutiny—some approved and disbursed within a single day. Several borrower companies were either non-operational or financially unstable, and securities offered were inadequate or missing.
The agency noted that key loan documents were left blank, altered, or undated, and mandatory field inspections were skipped. These repeated lapses, the ED said, reflect a pattern of intentional control failure and complicity in fund diversion.
CBI’s Parallel Probe
A separate investigation by the Central Bureau of Investigation (CBI) has alleged a criminal conspiracy between former Yes Bank CEO Rana Kapoor and industrialist Anil Ambani. The CBI charge sheet, filed last month, claims that Kapoor’s unilateral investment decisions in Ambani-run companies caused losses exceeding Rs. 2,700 crore to Yes Bank. The ED’s ongoing probe runs parallel to this case, focusing on the laundering and concealment of diverted funds.
Reliance Communications Under Lens
The ED has also intensified its investigation into the loan fraud case involving Reliance Communications Ltd (RCOM) and related entities. According to the agency, over Rs. 13,600 crore was diverted through a web of group-linked transactions, with Rs. 12,600 crore routed to connected parties. Around Rs. 1,800 crore was allegedly parked in fixed deposits and mutual funds before being funnelled back to Reliance Group companies.
The probe uncovered misuse of bill discounting and other mechanisms to keep loans active and conceal defaults. Officials said the ED continues to trace the proceeds of crime and secure assets to safeguard public money.
Public Interest at Stake
The agency clarified that any recovery from attached assets will ultimately benefit the public, as the funds in question were sourced from banks and mutual investors. The ongoing investigation, it said, aims to dismantle the network of shell companies and financial conduits used for laundering funds.
The Reliance Anil Dhirubhai Ambani Group and Yes Bank have not yet issued fresh statements on the ED’s latest action.
