ED Attaches ₹1,800 Crore More in Anil Ambani Case; Total Seizure Hits ₹12,000 Crore

Introduction: ED Intensifies Probe

The Enforcement Directorate (ED) has escalated its money laundering investigation against companies of the Reliance Group, chaired by Anil Ambani. On Wednesday, the federal agency announced the provisional attachment of fresh assets valued at more than ₹1,800 crore. This latest action brings the cumulative value of assets seized in connection with the case to approximately ₹12,000 crore. The move signals a significant development in the ongoing probe into alleged financial irregularities involving several group entities.

Details of the Latest Asset Attachment

In a statement, the ED confirmed that it issued four separate provisional orders under the Prevention of Money Laundering Act (PMLA) to execute the latest seizure. The newly attached assets are diverse, comprising bank deposits, shareholdings in unquoted investments, and various immovable properties. A significant portion of this attachment includes Reliance Infrastructure's shareholding in key power distribution companies, BSES Yamuna Power and BSES Rajdhani Power, as well as in Mumbai Metro One Private Limited. The agency also specified the attachment of bank deposits worth ₹148 crore and receivables amounting to ₹143 crore held by Value Corp Finance And Securities Limited. Furthermore, personal assets of senior company executives, including a residential house belonging to Angarai Sethuraman and shares and mutual funds owned by Puneet Garg, have been included in the seizure, which totals ₹1,885 crore.

The Core of the Investigation: Yes Bank and Fund Diversion

The investigation centers on allegations of fraudulent diversion of public funds by multiple Reliance Anil Ambani group companies. The ED has named Reliance Communications (RCom), Reliance Home Finance Ltd (RHFL), Reliance Commercial Finance Ltd (RCFL), Reliance Infrastructure Ltd (RIL), and Reliance Power Ltd (RPL) in its probe. A critical element of the case is the involvement of Yes Bank. Between 2017 and 2019, Yes Bank invested ₹2,965 crore in RHFL instruments and ₹2,045 crore in RCFL instruments. By December 2019, these investments were declared non-performing assets (NPAs), with outstanding dues of ₹1,353.50 crore from RHFL and ₹1,984 crore from RCFL.

A Circuitous Route for Public Funds

The ED alleges a complex method was used to channel funds. Before Yes Bank's investments, it had received substantial funds from the erstwhile Reliance Nippon Mutual Fund. According to SEBI regulations, the mutual fund was barred from directly investing in Anil Ambani group finance companies due to conflict-of-interest rules. The ED claims that to circumvent this, public money from mutual fund schemes was routed indirectly through Yes Bank's exposures, creating a circuitous path for funds to reach the group companies. The probe found that RHFL and RCFL collectively received public funds exceeding ₹11,000 crore through this mechanism.

Previous Actions and Cumulative Seizures

This week's action follows a similar attachment in December 2025, when the ED seized assets worth ₹1,120 crore. That seizure included prominent properties like the Reliance Centre in Mumbai's Ballard Estate, a commercial building in Andheri, residential properties in Santacruz, and 231 plots of land in Chennai. With the addition of the latest ₹1,885 crore attachment, the total value of assets frozen by the agency in this case has reached the ₹12,000 crore mark, underscoring the scale of the investigation.

The RCom Loan Fraud Allegations

Separately, the ED is also investigating a case based on a CBI FIR against RCom, Anil Ambani, and others. This pertains to loans availed from domestic and foreign lenders starting from 2010-2012, with an outstanding amount of ₹40,185 crore. The ED has stated that nine different banks have declared the loan accounts of the group as fraudulent. The investigation revealed extensive misuse of these loans, with funds allegedly being used for purposes other than those for which they were sanctioned.

Alleged Misuse and Siphoning of Loan Funds

The agency has detailed how the loan amounts were allegedly diverted. Over ₹13,600 crore was reportedly used for the evergreening of existing loans, a practice where fresh loans are used to repay old ones to avoid default classification. Another ₹12,600 crore was allegedly diverted to connected parties, and more than ₹1,800 crore was parked in fixed deposits and mutual funds, only to be liquidated and rerouted back to group entities. The ED also detected what it described as a "huge misuse of bill discounting" to funnel funds and noted that some loans were siphoned off outside India through foreign remittances.

Reliance Group's Clarification

In response to the ED's actions in December, Reliance Infrastructure Limited issued a clarification. The company stated that the majority of the attached assets, in terms of value, pertained to Reliance Communications (RCom), a company that has not been part of the group since 2019 and is currently undergoing insolvency proceedings. The release specified that only a smaller portion of the assets related directly to Reliance Infrastructure. It also highlighted that Anil Ambani has not served on its Board of Directors for more than three and a half years. The company affirmed it would take all necessary legal steps to protect shareholder interests.

Conclusion and Path Forward

The Enforcement Directorate's sustained actions against the Anil Ambani-led Reliance Group companies highlight a sprawling investigation into alleged bank fraud and money laundering. With total attachments now reaching ₹12,000 crore, the case involves complex financial transactions, regulatory bypasses, and significant fund diversions. While the group has contested the scope of the attachments, the ED has stated it is actively pursuing the case to recover the proceeds of the crime. The investigation continues, with further developments expected as the agency proceeds with its probe.