ED summons Anil Ambani again as loan fraud probe intensifies

Reliance Group chairman Anil Ambani has been summoned once again by the Enforcement Directorate (ED) in a sweeping probe into alleged bank loan fraud and money laundering involving several of his group companies. Officials confirmed that the 66-year-old businessman has been asked to appear before the agency on November 14.

This marks Ambani’s second round of questioning, following an earlier appearance in August 2025, as investigators continue to examine alleged financial irregularities linked to loans taken from multiple Indian banks, including the State Bank of India (SBI).

Probe widens into alleged RCOM fund diversion

The ED’s investigation focuses on loans raised by Reliance Communications (RCOM) and related entities between 2010 and 2012. Authorities allege that substantial portions of these funds were diverted to other companies in violation of lending terms.

According to the agency, dues amounting to ₹40,185 crore remain unpaid, with five banks having classified RCOM’s accounts as fraudulent. The ED maintains that instead of being deployed for operational needs, a sizeable chunk of the money was routed to group companies or used to repay earlier borrowings — a pattern investigators describe as the evergreening of loans.

“From around 2010–12, RCOM and its group companies raised thousands of crores from Indian banks, of which ₹19,694 crore remains outstanding. These assets turned non-performing, and five banks have classified RCOM’s loans as fraud,” the ED said.

Investigators estimate that no less than ₹13,600 crore was diverted through complex, layered transactions, including those suspected to have moved overseas.

Multiple regulators close in

The financial scrutiny of the debt-ridden Reliance Group has intensified, with the ED, CBI, SEBI, and the Ministry of Corporate Affairs (MCA) probing alleged irregularities across multiple group firms.

The MCA has initiated a fresh inquiry into potential fund diversion in companies including Reliance Infrastructure, Reliance Communications, Reliance Commercial Finance, and CLE Pvt Ltd. Based on early findings, the case has now been referred to the Serious Fraud Investigation Office (SFIO) to map money flows and establish responsibility at senior management levels.

“The investigation aims to trace the full extent of fund diversion and identify those responsible. Further action will follow once the SFIO completes its findings,” a source said.

Assets worth ₹7,500 crore attached

Earlier this week, the ED attached assets worth nearly ₹7,500 crore belonging to various Reliance Group entities.
The attachments include 30 properties of Reliance Infrastructure, along with holdings linked to Adhar Property Consultancy, Mohanbir Hi-Tech Build, Gamesa Investment Management, Vihaan43 Realty, and Campion Properties. Officials described these seizures as part of the larger money laundering investigation tied to a multi-crore loan fraud.

Raids and arrests deepen the crisis

In August, coordinated searches by the ED and CBI covered Ambani’s residence and offices, as well as the premises of senior executives. A senior finance executive was later arrested for allegedly facilitating fund transfers central to the probe.

A once-dominant empire under severe stress

The Reliance Anil Dhirubhai Ambani Group (ADAG) — once among India’s most influential corporate conglomerates — has been battling mounting financial distress for several years.

Reliance Communications is undergoing insolvency proceedings, while Reliance Home Finance, Reliance Commercial Finance, and Reliance Infrastructure face litigation, recovery action, and regulatory scrutiny. Several group firms are also under SEBI investigation for alleged lapses in fund usage and investor disclosures.

Ambani’s fresh summons underscores the deepening financial and legal challenges confronting the group, as investigators piece together what they allege is one of the country’s most complex corporate loan fraud cases.