Mumbai: The Enforcement Directorate (ED) has provisionally attached 43 properties worth over Rs 7,500 crore belonging to entities linked to the Reliance Anil Dhirubhai Ambani Group (ADAG) under the Prevention of Money Laundering Act (PMLA). The attachment orders were issued on October 31, 2025, following findings of large-scale fund diversion and loan irregularities across multiple group companies.
The attached assets include Anil Ambani’s Pali Hill residence in Bandra (West), 132 acres of land of Dhirubhai Ambani Knowledge City (DAKC) in Navi Mumbai, the Reliance Centre on Maharaja Ranjit Singh Road in New Delhi, and several commercial and residential properties across Mumbai, Pune, Thane, Delhi, Noida, Ghaziabad, Hyderabad, Chennai, Kancheepuram, East Godavari, and Goa.
The attachment order covers 31 properties of Reliance Infrastructure Ltd, five of Adhar Property Consultancy Pvt Ltd, four of Mohanbir Hi-Tech Build Pvt Ltd, and one each of Gamesa Investment Management Pvt Ltd, Vihaan43 Realty Pvt Ltd (formerly Kunjbihari Developers Pvt Ltd) and Campion Properties Ltd.
ED Attaches ₹7,545 Crore Reliance Group Assets, Including Dhirubhai Ambani Knowledge City land | File Photo
The Dhirubhai Ambani Knowledge City (DAKC) land parcel, spread over 132 acres in Navi Mumbai and valued at Rs 4,462.81 crore, forms the largest component of the attachment. With this, the total value of assets attached in Reliance Group–related cases now stands at Rs 7,545 crore, the ED said.
The agency’s probe has pointed to a “pattern of fraudulent diversion of public money” involving Reliance Communications Ltd (RCOM), Reliance Home Finance Ltd (RHFL), Reliance Commercial Finance Ltd (RCFL), Reliance Infrastructure Ltd, and Reliance Power Ltd.
Between 2010 and 2012, RCOM and its subsidiaries allegedly borrowed thousands of crores from Indian banks, with Rs 19,694 crore still outstanding. At least five banks have classified RCOM’s accounts as ‘fraud’, officials said.
The ED’s investigation revealed that loans sanctioned to one company were used to repay the dues of another, routed through connected entities, or invested in mutual funds and shell companies, violating the terms of loan sanction.
The agency has detected that more than Rs 13,600 crore were used in “evergreening” of loans, Rs 12,600 crore were diverted to connected parties, and around Rs 1,800 crore parked in mutual funds, which were later liquidated and rerouted to other Reliance group entities.
The agency said it has also unearthed misuse of bill discounting mechanisms to funnel funds, and identified foreign outward remittances suggesting cross-border fund siphoning.
The ED has also flagged Yes Bank’s role in facilitating fund flows to Reliance group companies. The probe into RHFL and RCFL revealed that public funds of more than Rs 10,000 crore were routed to these entities through a complex chain of transactions involving Yes Bank and other intermediaries.
Between 2017 and 2019, Yes Bank invested Rs 2,965 crore in RHFL instruments and Rs 2,045 crore in RCFL instruments. By December 2019, these turned non-performing, with outstanding dues of Rs 1,353.50 crore for RHFL and Rs 1,984 crore for RCFL.
According to officials, before these investments, Yes Bank had received substantial funds from the erstwhile Reliance Nippon Mutual Fund (RNMF). SEBI regulations the mutual fund could not directly invest in ADAG’s finance arms due to conflict-of-interest norms. The ED suspects that the funds reached Reliance entities through a circuitous route via Yes Bank exposures.
The agency said that RHFL and RCFL had borrowed from more than 35 banks and financial institutions, most of which remained unpaid or diverted. The money was allegedly routed through numerous shell entities controlled by the ADAG network, disguised as corporate loans and inter-corporate deposits. The transactions, ED said, involved “layering and round-tripping”, with money moving between accounts within minutes to create the appearance of legitimate business activity.
Bank records reviewed by the ED show rapid fund transfers between connected accounts, sometimes within minutes, suggesting deliberate layering to conceal the end use of funds. Despite RHFL being a housing finance company, its loan book had significantly shifted towards corporate lending, violating sectoral regulations.
The ED’s investigation has revealed a deliberate pattern of irregularities in the loan disbursal process of RHFL and RCFL. Officials found that instead of adhering to standard due diligence norms, loans were extended to pre-selected borrowers using fabricated documentation. Crucial compliance checks such as CIBIL verification, KYC, asset valuation, legal scrutiny, and collateral creation were allegedly bypassed. In multiple cases, loans were disbursed even before formal approval, and funds were swiftly rerouted to related entities within the Reliance Group. “This pattern of conduct enabled systematic siphoning of public money under the cover of legitimate lending operations,” the agency said.
In some instances, sanction orders predated borrower applications. The agency said credit appraisal memos lacked dates and security schedules were left blank, while loans meant for specific projects were diverted for “general business purposes”.
The probe further uncovered that several borrower firms had no genuine business operations, negligible equity, and shared common directors, email IDs, or registered addresses with Reliance Group entities. Investigators suspect these companies were shell fronts used to facilitate fund diversion. According to the ED, at least Rs 1,460 crore was allegedly routed to Reliance Infrastructure Ltd through a network of associated and layered entities, effectively concealing the trail of public funds.
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In a separate investigation under the Foreign Exchange Management Act (FEMA), the ED said it traced Rs 40 crore siphoned off from the Jaipur–Reengus highway project. The funds were allegedly moved through Surat-based shell firms to Dubai, forming part of a suspected international hawala network involving transactions exceeding Rs 600 crore.
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