ED Searches Reliance ADA-Linked Firm In RHFL-RCFL Probe, Claims Fresh Evidence Of Alleged Fund Diversion

Mumbai, July 8, 2026: The Enforcement Directorate (ED) conducted fresh searches at the premises of a company allegedly linked to the Reliance Anil Ambani Group as part of its money laundering probe into the alleged diversion and siphoning of public funds from Reliance Home Finance Ltd (RHFL) and Reliance Commercial Finance Ltd (RCFL). The agency said the searches yielded evidence allegedly linking a network of shell companies to the senior management of the Reliance Anil Ambani Group, the central agency said on Wednesday.

Searches Under PMLA

The searches were carried out on July 7 at the office of E-Complex Private Limited and the residence of one of its directors under the provisions of the Prevention of Money Laundering Act (PMLA). According to the ED, investigators seized incriminating documents, records relating to immovable properties, and material relating to suspicious financial transactions and assets allegedly beneficially owned or controlled by the Reliance Anil Ambani Group.

The money laundering investigation stems from multiple FIRs registered by the Central Bureau of Investigation (CBI) on complaints filed by a consortium of lenders, including Yes Bank, State Bank of India, Bank of Baroda, Punjab National Bank, Canara Bank, Union Bank of India, Bank of Maharashtra, Indian Overseas Bank, Punjab & Sind Bank, UCO Bank, and Axis Bank.

Alleged Fund Diversion

According to the ED, its probe has revealed that public funds worth thousands of crores of rupees raised by RHFL and RCFL were systematically diverted through a network of shell companies and group entities allegedly controlled by the Reliance Anil Ambani Group. The agency alleged that corporate loans were sanctioned to these entities in gross violation of prudent lending norms, without adequate due diligence, proper documentation, or assessment of their creditworthiness.

Investigators claimed that many of the borrowing entities had little or no genuine business activity and were financially incapable of servicing the loans. The ED alleged that the directors of these companies were employees or close associates of the Reliance Anil Ambani Group who acted at the behest of the group's senior management.

According to the agency, the bank accounts and books of these entities were operated and maintained by officials of flagship group companies, including Reliance Infrastructure Ltd, Reliance Power Ltd, and Reliance Capital Ltd, indicating that the shell companies were effectively controlled by the group's senior management.

Investigation Continues

The ED said it has quantified the alleged proceeds of crime at Rs 15,548 crore. It has so far attached assets worth Rs 4,510 crore under the PMLA, of which properties valued at Rs 3,926 crore have been confirmed by the Adjudicating Authority.

The agency had filed a prosecution complaint before the Special PMLA Court on June 12 in connection with the case.

Also Watch:

Earlier this year, the ED arrested former Reliance Capital director Amitabh Jhunjhunwala and former Chief Financial Officer Amit Bapna, alleging their active role in the diversion of funds from RHFL and RCFL. Both were arrested on April 15 and remain in judicial custody. At the relevant time, RHFL and RCFL were subsidiaries of Reliance Capital Ltd.

The Reliance Anil Ambani Group did not respond to queries seeking its comments on the ED's action till the time of publication.

To get details on exclusive and budget-friendly property deals in Mumbai & surrounding regions, do visit: https://budgetproperties.in/