Mumbai: The Enforcement Directorate (ED) has provisionally attached properties worth about Rs 3,084 crore linked to entities of the Reliance Anil Ambani Group over alleged diversion and laundering of public funds. The attached assets include the residence at Pali Hill, Bandra (West), Mumbai, the Reliance Centre property in New Delhi, and multiple assets across Delhi, Noida, Ghaziabad, Mumbai, Pune, Thane, Hyderabad, Chennai (including Kancheepuram) and East Godavari.
These assets include office premises, residential units and land parcels. The aggregate attached value across the four orders is approximately Rs 3,084 crore. The orders were issued on October 31, 2025 under Section 5(1) of the Prevention of Money Laundering Act (PMLA). The case concerns the diversion and laundering of public funds raised by Reliance Home Finance Ltd. (RHFL) and Reliance Commercial Finance Ltd. (RCFL).
During 2017–2019, Yes Bank invested Rs 2,965 crore in RHFL instruments and Rs 2,045 crore in RCFL instruments. These turned into nonperforming investments by December 2019, with Rs 1,353.50 crore then outstanding for RHFL and Rs 1,984 crore for RCFL. An ED investigation found that direct investment by the erstwhile Reliance Nippon Mutual Fund into Anil Ambani Group financial companies was not legally possible due to SEBI’s mutual fund conflict of interest framework.
In violation of these guidelines the money invested by general public in the mutual fund was routed indirectly through Yes Bank exposures, which ultimately landed with Anil Ambani Group companies. The probe further shows funds were routed indirectly through Yes Bank’s exposures to RHFL and RCFL, while RHFL and RCFL extended loans to entities linked to the Reliance Anil Ambani group. Meanwhile, ED has also intensified probe in Reliance Communications Ltd. (RCOM) and related companies loan fraud scam.
ED has found that these companies diverted over Rs 13,600 crore used in evergreening loans, over Rs 12,600 crore was diverted to connected parties and over Rs 1,800 crore was invested in FDs/MFs etc., which was substantially liquidated for rerouting to group entities. Huge misuse of bill discounting for the purpose of funneling funds to connected parties has also been detected by ED.
Last week, investigative news portal Cobrapost alleged that the Reliance Anil Dhirubhai Ambani Group has indulged in “a massive banking fraud amounting to more than Rs. 28,874 crore” since 2006 with impunity. The Cobrapost report alleges that the fraud involves siphoning off funds that were raised through bank loans, IPOs and bonds by listed ADA Group companies. The Reliance Group dismissed the Cobrapost report as “a malicious, baseless, and motivated campaign” being orchestrated by the news platform at the behest of the group’s corporate rivals.
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