NEW DELHI: The Enforcement Directorate (ED) is currently examining extensive documents and digital records obtained from Anil Ambani’s Reliance group during searches conducted from July 24 to Sunday. The agency is particularly focused on the alleged diversion of Rs 12,000 crore in loans by Reliance Home Finance Ltd (RHFL) to various affiliated entities.
The ED is receiving support from the National Financial Reporting Authority, CBI, the Securities and Exchange Board of India (SEBI), and the National Housing Bank, as the case involves significant public fund misappropriation. Approximately a dozen related entities are undergoing insolvency proceedings, leading to substantial losses for banks.
Sources indicate that 22 individuals, including key management personnel and associates of Ambani, are under investigation, alongside 60 companies that were part of the lengthy searches.
A SEBI investigation report shared with the ED highlights alleged money laundering by RHFL, which reportedly wrote off around Rs 7,000 crore of the Rs 12,000 crore in loans extended to various entities associated with the Ambani group. Ambani is already under scrutiny for allegedly securing Rs 2,965 crore from Yes Bank by paying bribes to its former CEO, Rana Kapoor, through his wife Bindu Kapoor and her companies. Currently, Rs 1,353 crore of the Rs 2,965 crore obtained from Yes Bank is classified as a non-performing asset (NPA).
A forensic audit commissioned by the bank has confirmed that the funds were diverted to related companies. Both Reliance Power and Reliance Infrastructure stated, “The company and all its officials have fully cooperated and will continue to cooperate with the authority.” Regarding the alleged Rs 12,000 crore diversion by RHFL to related entities, an official commented that, “The RHFL account has been fully resolved with management changes following the Supreme Court judgment in 2023… Allegations of other irregularities are under review and the SEBI order has been appealed at the Securities Appellate Tribunal (SAT) since 2024.” A source familiar with the probe mentioned, “SEBI’s order dated August 22, 2024, found that RHFL engaged in a fraudulent scheme to divert funds benefiting Ambani and his group companies.”
The ED is also investigating related party transactions. It was discovered that Reliance Infrastructure had received funds from Crest Logistics and Engineers Pvt Ltd, which in turn received funds from at least four entities — RPL Star Power Pvt Ltd, RPL Solar Power Pvt Ltd, Species Trade and Commerce Pvt Ltd, and Worldcom Solutions Ltd — all allegedly connected to the Anil Ambani group.
The SEBI investigation report states that the forensic audit of RHFL found that loans exceeding Rs 12,000 crore were extended to various entities connected to the Ambani group, which shared common registered addresses, email domains, and directors. As of September 30, 2021, RHFL declared Rs 6,931 crore as NPA/written off from loans to linked entities within the group.
