Anil Ambani Summoned by ED in ₹17,000-Crore Loan Fraud Probe: A Deepening Corporate Scandal

Overview of the ED Summons

On August 2, 2025, the Enforcement Directorate (ED) summoned industrialist Anil Ambani to appear before investigators on August 5 at the ED headquarters in New Delhi, marking a major escalation in its investigation into a massive ₹17,000-crore loan fraud case involving the Reliance Anil Dhirubhai Ambani Group (RAAGA) companies.

The ED’s probe, initiated under the Prevention of Money Laundering Act (PMLA), is focused on a web of financial irregularities including loan diversion, misrepresentation, undisclosed foreign assets, and fraudulent bank dealings.

Origin of the Investigation: Multiple Agencies Share Intelligence

The ongoing inquiry stems from inputs shared by the National Housing Bank, SEBI, NFRA, and Bank of Baroda, prompting the ED to act. These agencies identified red flags in the financial records of RAAGA group companies, including Reliance Communications, Reliance Infrastructure, and Reliance Home Finance Ltd (RHFL).

An FIR was also filed by the Central Bureau of Investigation (CBI) based on banking complaints. This laid the groundwork for coordinated enforcement action.

Search Operations and Evidence Collection

In a major development, the ED conducted a mega search operation on July 24, 2025, targeting 35 premises, 50 companies, and over 25 individuals linked to the RAAGA group.

The searches reportedly uncovered a deliberate and systematic strategy to siphon public funds, bribe bank officials, and evade regulatory frameworks, especially in transactions with Yes Bank.

Key Allegations Against Anil Ambani and RAAGA Companies

  1. Illegal Loan Diversion from Yes Bank:

    • An estimated ₹3,000 crore was allegedly diverted during 2017–2019, with loans routed through shell entities.

    • Credit Approval Memorandums (CAMs) were found to be backdated, and due diligence was bypassed.

  2. Violations in RHFL’s Corporate Loans:

    • Corporate loans spiked from ₹3,742 crore (FY18) to ₹8,670 crore (FY19).

    • Loans were sanctioned and disbursed without proper documentation or scrutiny.

  3. Fraudulent Transactions Involving Yes Bank:

    • RAAGA firms invested ₹2,850 crore in Yes Bank’s AT-1 bonds (perpetual FDs), allegedly as a quid pro quo.

    • These bonds were later written off, resulting in a direct loss to mutual fund investors.

  4. RCom Loan Fraud:

    • SBI declared Reliance Communications (RCom) and Anil Ambani as fraudulent under RBI norms.

    • Allegedly defrauded Canara Bank of over ₹1,050 crore.

Related Party Transactions and Shell Companies

The ED flagged significant violations in related party transactions involving Reliance Infrastructure, where undisclosed related entities (e.g., “C Company”) were used to divert funds as Inter-Corporate Deposits (ICDs).

  • These entities were not disclosed to shareholders or the audit committee, violating corporate governance laws.

  • Haircuts of ₹5,480 crore were taken on such loans, with only ₹4 crore recovered in cash. The remaining was settled via non-operational discoms, making recovery improbable.

Foreign Assets and Black Money Trail

The agency is also investigating undisclosed foreign bank accounts and foreign assets linked to Anil Ambani and the RAAGA group.

This includes suspicious cross-border money transfers, possible offshore shell firms, and asset parking to avoid Indian regulatory scrutiny.

Summary of ED’s Findings

  • Bribery and loan fraud nexus with Yes Bank promoters.

  • Credit policy violations and false financial disclosures.

  • Shell companies used to mask fund movements.

  • ₹10,000+ crore worth of loan diversion in Reliance Infra alone.

  • Widespread misuse of public investor funds and mutual assets.

What’s Next?

Anil Ambani’s appearance on August 5 is expected to be a critical moment in the investigation. With multiple enforcement agencies involved—ED, CBI, SEBI, and the RBI—the probe may soon lead to criminal charges, property seizures, or even prosecution under PMLA.


Location: Pune, Maharashtra, India

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