Following today’s Enforcement Directorate (ED) raids, Anil Ambani-owned Reliance Infrastructure and Reliance Power issued statements clarifying that the raids have no bearing on their operations, governance, or financial performance.
In separate but similar statements on July 24, 2025, the two Anil Ambani group companies emphasised that they are independent listed entities with no business or financial linkages to Reliance Communications (RCOM) or Reliance Home Finance (RHFL), the two entities reportedly at the centre of the ED’s probe. The companies further highlighted that the allegations relate to transactions over a decade old.
Reliance Infrastructure clarified that RCOM has been under the Corporate Insolvency Resolution Process (CIRP) for more than six years, and RHFL has been resolved as per a Supreme Court judgment. They also noted that Anil Ambani is not a board member of either Reliance Infra or Reliance Power, and therefore any action against RCOM or RHFL does not affect their governance or business.
Both firms reiterated their commitment to executing business plans and creating stakeholder value, adding that the media reports have “absolutely no impact” on shareholders, employees, or ongoing operations.
The Enforcement Directorate (ED) is raiding properties linked to Anil Ambani and Yes Bank as part of a money laundering investigation linked to an alleged bank loan fraud of Rs 3,000 crore.
As per information, ED has launched a major investigation into suspected money laundering involving companies under the Reliance Anil Ambani Group (RAAGA), following FIRs registered by the Central Bureau of Investigation (CBI).
The ED today conducted a massive search operation under Section 17 of the Prevention of Money Laundering Act (PMLA), covering over 35 premises, 50 companies, and more than 25 individuals.
What do we know about the case?
According to official sources, several public agencies including the National Housing Bank, SEBI, the National Financial Reporting Authority (NFRA), and Bank of Baroda have provided key inputs to the ED, supporting allegations of a “well-planned and thought-after” scheme to divert public funds.
The ED’s preliminary findings point to the fraudulent diversion of loans worth around Rs 3,000 crore from Yes Bank between 2017 and 2019. The investigation has revealed that just prior to the sanctioning of these loans, significant sums were allegedly transferred into the personal accounts of Yes Bank promoters, raising concerns of a bribe-loan nexus.
Serious irregularities have also been flagged in the loan approval process. Officials noted that key documents such as Credit Approval Memorandums (CAMs) were allegedly back-dated, and investments were proposed without due diligence or adherence to the bank’s credit policies.
The suspected offences include cheating banks, shareholders, and public institutions and bribery of bank officials, including a Yes Bank promoter, remains a key focus of the probe.
SBI declares Anil Ambani ‘fraud’
The Enforcement Directorate’s latest action against Anil Ambani follows a significant development involving the State Bank of India (SBI), which recently declared Ambani and his company, Reliance Communications (RCom), as ‘fraud’. Acting under the Reserve Bank of India’s guidelines on fraud risk management, SBI flagged both the promoter and the company on June 13, 2025, based on its internal policy.
Minister of State for Finance Pankaj Chaudhary informed the Lok Sabha that the bank reported the fraud to the RBI on June 24. SBI is currently preparing to lodge a formal complaint with the Central Bureau of Investigation (CBI).
The Resolution Professional for RCom disclosed the bank’s action to the Bombay Stock Exchange on July 1, in line with regulatory obligations. SBI’s exposure to RCom includes a fund-based principal of Rs 2,227.64 crore, plus interest and expenses due since August 2016, along with Rs 786.52 crore in bank guarantees. RCom remains under insolvency proceedings, awaiting final approval from the NCLT.
Alongside the company’s insolvency case, SBI has also begun personal insolvency proceedings against Anil Ambani under the same law.