Reliance Group has issued a detailed clarification in response to recent media reports related to an Enforcement Directorate (ED) investigation into an alleged Rs 3,000 crore loan fraud case linked to Yes Bank. The company said the reports pertain to transactions that are over eight years old and involve Yes Bank and Reliance Home Finance Ltd (RHFL), which is no longer part of the Reliance Group.
Responding to the allegations of ‘bribe for loans’, company sources tell FinancialExpress.com that they were sanctioned on merit and approved through a proper credit committee process involving more than 30 individuals. “These loans were fully secured and have been entirely repaid, including interest. The outstanding amount is zero,” the company said.
ED raids 35 properties; Reliance calls loan allegations baseless
The Enforcement Directorate (ED) raided over 35 properties linked to Yes Bank and Anil Ambani on Thursday morning in a case alleging diversion of around Rs 3,000 crore from Yes Bank between 2017 and 2019.
Company sources tell us, ‘the entire exposure of Reliance Group companies is fully secured and was undertaken strictly in the ordinary course of business.’
ED flags Yes Bank loan to RAAGA; Reliance Group calls them secured and compliant
The ED has found serious issues in Yes Bank’s loan approvals to RAAGA companies. It flagged irregularities like Credit Approval Memorandums (CAMs) being backdated and investments being made without proper checks or credit analysis, violating the bank’s policies. The agency also alleged that the loans were later diverted to various group and shell companies, breaking the loan terms.
To this allegation the company insists, “All transactions between Reliance Group companies and Yes Bank have been carried out in complete compliance with applicable laws, regulations, and financial norms.”
On the issue of Reliance Communications (RCOM) being classified as a “fraud” account by State Bank of India (SBI), the company said the action violates principles of natural justice. “Anil Ambani was not granted a personal hearing before the committee’s decision. SBI also did not share the underlying documents forming the basis of the Forensic Audit Report,” the statement said.
The company highlighted that Anil Ambani resigned from RCOM’s board in 2019 and had no role in its daily operations. It also pointed out that Canara Bank, another lender in the consortium, withdrew its fraud classification against RCOM on July 10, 2025, in the Bombay High Court.
It added that, “Currently, there are only two listed companies in the Reliance Group—Reliance Infrastructure and Reliance Power. The said actions have absolutely no impact on the business operations, financial performance, employees, shareholders, or any other stakeholders of Reliance Infrastructure and Reliance Power or any other continuing Reliance Group entity.”