Mumbai: In fresh trouble for industrialist Anil Ambani, the Enforcement Directorate (ED) has registered a money laundering case against him, Reliance Communications (RCom) and others over an alleged ₹2,929-crore bank fraud involving the State Bank of India (SBI).
CBI’s FIR Triggers ED Action
Officials said the ED’s action follows a First Information Report filed by the Central Bureau of Investigation (CBI) last month. The CBI had named Ambani, RCom and others, including some government officials, accusing them of causing losses to SBI. It had also searched Ambani’s residence as well as RCom offices during its probe.
The SBI had classified RCom and Mr Ambani as "fraud" on June 13 and sent a report to the Reserve Bank of India (RBI) on June 24.
Ambani’s Spokesperson Denies Allegations
Reacting to the development, a spokesperson for Ambani said the complaint pertained to matters dating back more than a decade, when Ambani was a non-executive director and not involved in the company’s daily management. “SBI has already withdrawn proceedings against five other non-executive directors. Despite this, Mr Ambani has been selectively singled out,” the statement said.
Company Under Lenders’ Supervision
The spokesperson added that Reliance Communications has, for the past six years, been under the supervision of a committee of creditors led by SBI and overseen by a resolution professional. “The matter remains sub judice before the NCLT and other judicial forums, including the Supreme Court. Mr Ambani has duly challenged SBI’s declaration before the competent judicial forum. He strongly denies all allegations and charges, and will duly defend himself,” the statement said.
ED Expands Probe Into Reliance Group
With this latest ECIR, the ED’s ongoing investigations into Ambani and his group firms now cover four cases. Apart from the SBI matter, the agency is probing an alleged Rs 3,000-crore loan diversion linked to Yes Bank, involving suspected fund diversions by Reliance Group firms between 2017 and 2019. The probe has included raids at over 35 premises, searches at 50 companies, and questioning of at least 25 individuals.
Loan Diversion and Fake Guarantees Under Scanner
The agency is also examining suspected loan diversions of more than Rs 17,000 crore by Reliance Infrastructure and other group entities, allegedly routed through inter-corporate deposits. Additionally, charges of fake bank guarantees worth Rs 68.2 crore tied to Reliance Power and Biswal Tradelink Pvt Ltd (BTPL) are part of the broader Rs 17,000-crore loan fraud inquiry.
Allegations of Misrepresentation and Diversion
Agency said that the SBI case involves misrepresentation to secure credit facilities, diversion of loan funds, inter-company transactions, misuse of invoice financing, discounting of bills, and creation of fictitious debtors. The accused face charges of criminal conspiracy, cheating, and criminal breach of trust.
Complaint and Forensic Audit Findings
The ED action was triggered by a complaint received on August 18, 2025, from Jyoti Kumar, Deputy General Manager of SBI’s Mumbai branch, referencing a forensic audit report dated October 15, 2020, that identified irregularities in loan utilisation. Investigations are ongoing to determine whether diverted funds were laundered through shell companies or offshore channels.
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Details of Alleged SBI Loan Fraud
In the SBI case, it is alleged that the accused, in criminal conspiracy, secured credit facilities from SBI for RCom, misused loan funds, engaged in inter-company transactions, misused sales invoice financing, discounted bills of RCom via Reliance Infratel Ltd., routed funds through inter-corporate deposits, and created/write-off fictitious debtors.
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