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05-11-2025
Bureau Report
NEW DELHI: India’s financial crime agency has provisionally frozen 30.84 billion rupees ($350.87 million) in assets linked to Reliance Anil Ambani Group as part of a money-laundering investigation, a government source said on Monday.
The case involves loans taken by the group, owned by the younger brother of billionaire Mukesh Ambani, from India’s YES Bank between 2017 and 2019 in excess of $568.86 million. Investments made with the funds delivered no returns.
The Enforcement Directorate has now blocked any transactions from taking place on residential units and land parcels across Mumbai, Delhi and Chennai, including industrialist Anil Ambani’s family residence in Mumbai, the source added.
Reliance Group did not immediately respond to a request for comment.
Investigators allege the funds raised by Reliance Home Finance Ltd, opens new tab and Reliance Commercial Finance Ltd; were part of a “well-planned” scheme to siphon off 30 billion rupees ($350 million) in loans from YES Bank to many shell companies.
The loans were originally invested through mutual funds and routed to group-linked entities in violation of regulations. The Reliance Group entities are also accused of paying bribes to YES Bank officials before loans were disbursed, a government source had said earlier.
The Enforcement Directorate has cited weak borrower profiles, missing documentation and misuse of funds, the source said, in a case that involves the diversion and laundering of public funds.
The agency is also probing Reliance Communications Ltd, opens new tab and affiliates, where over 136 billion rupees ($1.55 billion) were allegedly diverted through loan ever-greening and fund rerouting.
In August, India’s federal investigating agency said on Saturday it had opened a criminal case against industrialist Anil Ambani and his company Reliance Communications Ltd, opens new tab following a complaint by India’s largest bank about alleged fraud.
State Bank of India, opens new tab alleged that Anil Ambani, the younger brother of billionaire Mukesh Ambani, and Reliance Communications defrauded the bank, causing 30 billion Indian rupees ($344 million) of losses.
India’s Central Bureau of Investigation conducted search operations in Mumbai at Anil Ambani’s house and the offices of the now insolvent Reliance Communications, the agency said in a press statement.
A spokesperson for Ambani told media that the searches at his residence concluded early this afternoon. “Mr. Ambani strongly denies all allegations and charges, and will duly defend himself,” the spokesperson said.
The agency said Anil Ambani and his company misused and diverted bank funds for purposes other than what was agreed.
An email query to SBI was not answered immediately.
Last month, India’s Enforcement Directorate also searched 35 locations linked to Reliance Group as part of an investigation into alleged money laundering and siphoning of public funds, a government source told media.
Reliance Group did not respond to a request for comment at the time, but a source at the group denied the allegations.
India’s financial crime-fighting agency searched 35 locations linked to Reliance Anil Ambani Group as part of an investigation into alleged money laundering and siphoning of public funds, a government source said on Thursday.
The Enforcement Directorate alleges the group orchestrated a “well-planned” scheme to siphon off 30 billion rupees ($350 million) in loans from YES Bank.
