ED Questions Rana Kapoor: The Enforcement Directorate (ED) on Monday questioned Yes Bank co-founder Rana Kapoor in connection with the ongoing investigation under the Prevention of Money Laundering Act (PMLA), which focuses on alleged financial transactions linked to Anil Ambani group companies. According to officials, this investigation mainly pertains to the period from 2017 to 2019, when Yes Bank had made large-scale investments in Reliance Anil Ambani group companies.

Rana Kapoor interrogated again

ED says that during this period, Yes Bank invested about Rs 2,965 crore in Reliance Home Finance Limited (RHFL) and about Rs 2,045 crore in Reliance Commercial Finance Limited (RCFL), out of which an amount of Rs 1,353.5 crore was found outstanding on RHFL and Rs 1,984 crore on RCFL.

According to the investigating agency, these two companies together had received public funds worth more than Rs 11,000 crore. ED also claimed that before Yes Bank made investments in Anil Ambani group companies, the bank had received huge amounts of money from its erstwhile Reliance Nippon Mutual Fund.

Screw tightened in money laundering case

The agency alleges that due to conflict of interest under SEBI rules, Reliance Nippon Mutual Fund could not directly invest or transfer funds in the financial companies of Anil Ambani group, so the public’s mutual fund investments were allegedly routed to these companies through Yes Bank through an indirect route.

ED believes that Rana Kapoor is being interrogated to understand this suspicious structure and flow of money, so that it can be found out how public funds were misused and money laundered.

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Anil Ambani: The Enforcement Directorate (ED) has frozen Rs 77.86 crore kept in the bank accounts of Anil Ambani group company Reliance Infrastructure on charges of FEMA violations.

Reliance Infrastructure said in its regulatory filing on BSE, “The company has today received an order from ED, under which Rs 77.86 crore held in the bank accounts of the company has been frozen in case of alleged violations under FEMA.” FEMA (Foreign Exchange Management Act) are laws related to foreign exchange.

ED has sent summons twice

Earlier, ED has sent summons to Reliance ADAG promoter Anil Ambani twice in the FEMA case. However, Anil Ambani did not appear in the court and had demanded to present his views before the investigating agency virtually or through recorded video, which was rejected. Actions taken under FEMA are civil in nature, unlike criminal proceedings under the Anti-Money Laundering Act. This investigation of ED is related to Jaipur-Ringas Highway Project.

What is ED’s allegation?

ED alleges that Reliance Infrastructure illegally sent Rs 100 crore received from the National Highways Authority of India (NHAI) for the construction of JR Toll Road (Jaipur-Ringas Highway) to the United Arab Emirates (UAE) through the hawala route.

However, while giving clarification on this allegation made by ED, Anil Ambani’s spokesperson has earlier said that the FEMA case is 15 years old and dates back to 2010. This includes the case of contracts awarded for road construction. The statement said that Reliance Infrastructure had won an EPC contract that year to build the JR Toll Road (Jaipur-Ringas Highway). This was a domestic project, with no foreign exchange component involved. The highway work has been completed and from 2021 it is under the National Highway Authority of India.

Action against son Jai Anmol also

Here, along with Anil Ambani, the problems of his son Jai Anmol are also increasing. CBI has registered a case against him for defrauding Union Bank of India of Rs 228 crore. According to PTI report, in this connection, CBI also searched Jai Anmol’s house in Sea Wind, Cuffe Parade. This case is related to Reliance Home Finance Limited and the loan default related to it, in which earlier action has also been taken against Anil Ambani.

Actually, Reliance Home Finance Limited had taken a corporate loan of Rs 450 crore from Mumbai SCF branch of Union Bank. The bank claims that this loan taken for business was diverted elsewhere, due to which the bank has suffered a loss of Rs 228.06 crore.

movement in shares

The impact of this news was visible on the shares of Anil Ambani Group (ADAG) companies on Wednesday, December 10, which fell by 5 percent. On Wednesday, the share price of Reliance Power fell by more than 4 percent to the day’s lowest level of Rs 34.18. Meanwhile, Reliance Infra stock also touched almost 5 per cent lower price band at Rs 132.90 — which is also its 52-week low. Shares may be in action today too.

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The Central Bureau of Investigation (CBI) has registered a case against two big companies of Reliance ADA Group, Reliance Commercial Finance Limited (RCFL) and Reliance Home Finance Limited (RHFL) in two separate cases of bank fraud. In both the cases, it is alleged that the companies cheated many banks, due to which the banks suffered losses worth crores of rupees.

RCFL accused of fraud of Rs 57.47 crore

The first case in this is of bank fraud of Rs 57.47 crore on RCFL. On the complaint of Bank of Maharashtra, CBI has registered a criminal case against Reliance Commercial Finance Limited, its directors and some unknown bank officials. RCFL’s account was declared NPA on March 25, 2020. On October 4, 2025, the bank put it in the category of fraud. The bank alleges that the company caused a loss of Rs 57.47 crore to them.

CBI raided, found many important evidences

According to Bank of Maharashtra, the company was taking loans totaling Rs 9,280 crore from several banks and NBFCs. CBI will now investigate whether all these banks have also been caused similar losses. In this case, after the warrant received from the court, CBI started a raid operation at the office of RCFL in Mumbai and the house of company director Devang Praveen Modi in Pune. CBI has found many important documents during the raid.

RHFL accused of bank fraud of Rs 228.06 crore

At the same time, CBI has taken major action against Reliance Home Finance Limited (RHFL), a Reliance ADA Group company, in a bank fraud case of Rs 228.06 crore. The agency has registered a criminal case against the company, its directors and some unidentified bank officials. This action has been taken on the basis of the complaint of Union Bank of India.
The bank alleges that the company conspired and took the loan wrongly and caused a loss of Rs 228.06 crore to the bank. RHFL’s account was declared NPA on September 30, 2019 and was put in the fraud category on October 10, 2024.

What was revealed in the CBI investigation?

According to Union Bank, Reliance Home Finance (RHFL) had taken total loans of more than Rs 5,572 crore from various banks and financial institutions. Now CBI is investigating the entire matter whether the company cheated all the banks in the same way.

Violent raid operation started after court order

CBI took search warrant from the court and started raids at several places in Mumbai on Tuesday (December 9, 2025). Among the places where CBI searched
• Two offices of Reliance Home Finance (RHFL).
• House of Jai Anmol Ambani (son of Anil Ambani and director of the company at that time)
• Includes the house of former RHFL CEO Ravindra Sudhalkar.

During the raid, many important documents were found, which have been taken into custody by the CBI. At present the search operation is going on.

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Anil Ambani: Taking major action in the bank fraud case related to Reliance Anil Ambani Group, ED has temporarily attached more than 18 properties, fixed deposits, bank balances and stake in unquoted investments. The total value of attached assets is approximately Rs 1,120 crore. This action is related to the case of Reliance Home Finance Limited (RHFL), Reliance Commercial Finance Limited (RCFL) and Yes Bank fraud.

The attached properties include

The properties attached by ED include 7 properties of Reliance Infrastructure Limited, 2 properties of Reliance Power Limited, 9 properties of Reliance Value Services Pvt Ltd, Reliance Value Services Pvt Ltd, Reliance Venture Asset Management Pvt Ltd, M/s Phi Management Solutions Pvt Ltd, M/s Aadhaar Property Consultancy Pvt Ltd, M/s Gamesa Investments. Includes FD and bank balance in the name of Management Private Limited. Along with this, stakes in unquoted investments have also been attached.

Assets worth Rs 10117 crore attached till now

It is noteworthy that ED has already attached assets worth more than Rs 8,997 crore in the bank fraud cases of RCOM, RCFL and RHFL. After the new action, the total attached assets of the group have increased to Rs 10,117 crore. According to the ED investigation, there was massive misuse of public funds by several Anil Ambani group companies such as Reliance Communications Limited, Reliance Home Finance Limited, Reliance Commercial Finance Limited, Reliance Infrastructure Limited and Reliance Power Limited.

What is ED’s allegation?

Investigation revealed that during the year 2017–2019, Yes Bank had invested Rs 2,965 crore in RHFL instruments and Rs 2,045 crore in RCFL instruments, which later turned into NPA. As of December 2019, Rs 1,353.50 crore of RHFL and Rs 1,984 crore of RCFL remained outstanding. Apart from this, RHFL and RCFL had received a total of more than Rs 11,000 crore of public money, which was channeled to Anil Ambani group companies through complex financial routes.

SEBI rules were ignored

Due to SEBI rules, Reliance Nippon Mutual Fund could not directly invest in these companies, hence the money was routed to the group companies through Yes Bank by adopting the ‘circuitous route’. On the basis of FIR registered by CBI, ED has also started investigation against RCOM, Anil Ambani and others.

According to the investigation, between 2010 and 2012, the group took huge loans from domestic and foreign banks, of which Rs 40,185 crore are outstanding and 9 banks have declared these as frauds. Many companies used the loan taken from one bank to repay the loan of another bank, transfer it to related parties and invest in mutual funds, which was in violation of the loan terms.

ED found that some of the money used to send Rs 12,600 crore in ‘Evergreening of Loan’ to related parties and Rs 1,800 crore in FD/MF and later routing it to group companies, was also sent out of India through foreign remittances, the ED found. ED has said that it will continue to take strict action against financial criminals and is committed to returning public money to its rightful owners. Further investigation is ongoing.

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Anil Ambani Reliance Share: Anil Ambani’s Reliance Group companies are in bad shape today. Shares of both Reliance Power and Reliance Infrastructure are under pressure today.

At 9:47 am, Reliance Power shares were trading 0.48 per cent lower at Rs 39.13 per share and Reliance Infrastructure shares were trading 0.53 per cent lower at Rs 168 per share on BSE. The reason behind the fall in Reliance shares is the action of ED (Enforcement Directorate). In fact, on Thursday, ED took major action against Anil Ambani’s Reliance Group and attached assets worth Rs 1452 crore in the money laundering case.

Reliance gave clarification on ED’s action

ED said on Thursday that it has attached assets worth Rs 1,400 crore related to Reliance Communications (RCOM). However, Reliance Group has clearly stated that it has nothing to do with the assets related to RCom as it is not a part of Reliance Group since 2019. There is panic among investors due to ED action, whose impact is visible on the shares.

Reliance Group clearly said on Thursday that the group and its managing director Anil Ambani are not associated with Reliance Communications in any way. Ambani had resigned from RCom six years ago in 2019. Apart from this, he has not been on the board of directors of Reliance Infrastructure and Reliance Power for more than three and a half years.

company going through bankruptcy

RCOM is undergoing the Corporate Insolvency Resolution Process (CIRP) under the supervision of the National Company Law Tribunal (NCLT) and the Supreme Court and is being managed by a resolution professional appointed by the lenders led by State Bank of India. A Reliance Group spokesperson stressed that Anil Ambani has nothing to do with RCOM since his resignation in 2019, hence the attachment order will not affect Reliance Infrastructure or Reliance Power, both the companies are functioning normally.

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Another big action by ED on Anil Ambani’s Reliance Group, assets worth Rs 1400 crore seized

Anil Ambani: Central investigation agency ED (Enforcement Directorate) has taken major action against Anil Ambani’s ADAG Group companies. Under a new provisional attachment order, immovable properties worth about Rs 1400 crore have been seized. Along with this, ED has till now attached properties worth Rs 9000 crore belonging to ADAG Group. These seized properties are in Navi Mumbai, Chennai, Pune and Bhubaneswar. This action is part of the investigation related to money laundering. ED says that the investigation is ongoing and further assets can be attached if needed.

What is ED’s allegation?

ED had earlier also attached assets worth Rs 7500 crore under the same investigation, which is based on alleged financial irregularities related to Ambani’s group companies. The investigation is still ongoing and the ED is expected to release more details about the nature of the assets and their link to the transactions under investigation.

The agency had last interrogated Ambani in August. This investigation of ED is related to Jaipur-Ringas Highway Projects, for which the contract was given to Reliance Infra in the year 2010. The agency alleges that from this project, Rs 40 crore was sent abroad through shell companies of Surat. This could be part of a big international hawala network worth more than Rs 600 crore.

CBI also filed FIR

Earlier, while registering FIR, CBI has also leveled charges of fraud, conspiracy and corruption against Anil Ambani, RCOM and others. It was told that between 2010 and 2012, a loan of more than Rs 40,000 crore was taken from some banks in India and abroad. Out of the accounts to which this money was transferred, 5 have been declared fraud by the bank.

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Anil Ambani Skips ED Summons: Reliance Group Chairman Anil Ambani did not appear before the central investigating agency ED in the FEMA case even on Monday. This is the second time he has ignored the ED summons. Earlier on Friday also, ED had rejected his appeal for virtual appearance, after which he did not appear in person.

However, Anil Ambani has offered to give his statement through video conferencing or recorded video statement. He told the agency that he is ready to appear virtually on any fixed date and time.

What is the whole matter?

This case is related to the alleged embezzlement of Rs 40 crore in the Jaipur-Ringas National Highway project of 2010. ED alleges that the money was sent to Dubai through Surat-based shell companies, which reveals an international hawala network of more than Rs 600 crore. According to sources, ED has recorded statements of some persons including several hawala dealers, after which summons has been sent to Anil Ambani.

ED attached assets worth Rs 7,500 crore

ED has recently attached assets worth about Rs 7,500 crore of Anil Ambani and his companies under the Prevention of Money Laundering Act. Earlier, Anil Ambani had written a letter to the agency assuring full cooperation in the investigation and had also given his consent for virtual appearance.

On the other hand, in recent times, ED has also taken action in other cases related to Anil Ambani. Investigation is going on in the case of fake bank guarantee of Rs 68 crore on Reliance Power and three arrests have been made so far. It has been clarified by Anil Ambani that the present summons is not related to PMLA but to FEMA investigation. He says that the issue is about 15 years old and pertains to the Jaipur-Ringas Highway Project, which had no direct connection with the foreign exchange transactions.

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Reliance Power: Reliance NU Energies Pvt Ltd, a subsidiary of Anil Ambani-led company Reliance Power, has achieved a big success. Actually, the company has received an order from SJVN Limited. The company said that it has received an order of 750 MW/3000 MWh under the Firm and Dispatchable Renewable Energy (FDRE) scheme on November 10, which is 50 percent of the tender allotment.

The tender was oversubscribed 3.3 times, which shows the interest of companies in renewable energy projects. The objective of this project is to generate renewable energy 24 hours with the help of hybrid and storage based solutions. Let us tell you that in this e-auction, Reliance NU Energies emerged as the biggest winner with a minimum tariff of Rs 6.74 per kilowatt hour.

Relief to Anil Ambani

After this deal, Reliance Group has emerged as the largest player in the solar-plus-storage segment. The company currently has four tenders, work on which is going on. Its total capacity is more than 4 gigawatt per hour (GWp) of solar energy and 6.5 gigawatt per hour (BESS). The company has achieved this milestone in less than a year. For Anil Ambani, who is facing difficulties in money laundering and loan fraud cases, this news is no less than a relief that his company is continuously moving forward in the renewable energy segment.

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ED Summons Anil Ambani: Reliance Group Chairman Anil Ambani’s problems have increased further in the bank loan fraud case. The Enforcement Directorate (ED) has sent a notice to Anil Ambani to appear for questioning again next week. ED has asked the 66-year-old industrialist to appear before the agency on November 14. He will be interrogated on charges of money laundering in the SBI bank loan fraud case. Earlier, ED had called Anil Ambani for questioning on August 5.

ED (Enforcement Directorate) has intensified the investigation into the fake bank guarantee racket related to Anil Ambani’s company Reliance Power. Investigation has revealed that the company had filled the tender for the government project SECI (Solar Energy Corporation of India), in which it was necessary to give bank guarantee. For this, Reliance Power had entrusted this work to a company named Biswal Tradelink Pvt Ltd (BTPL) of Odisha.

what is the matter

The investigation found that the bank guarantee given by BTPL was fake, and in return Reliance Power had paid about Rs 5.4 crore to BTPL. The people involved in this fraud created a fake domain named s-bi.co.in by copying the real website of SBI (sbi.co.in). Through this, fake emails were sent, so that it seemed as if the bank guarantee had been issued by State Bank of India (SBI).

ED has arrested BTPL Managing Director Parth Sarathi Biswal. Investigation revealed that BTPL is a company formed only on paper – neither its actual office nor documents were found. Suspicious transactions worth crores of rupees were found in many secret bank accounts of the company. People associated with the racket used disappearing messages on Telegram app so that evidence could be destroyed.

Big questions before ED

Now ED is investigating – who approved the payment of Rs 5.4 crore to BTPL and why?

Was Anil Ambani aware of this fraud?

Who benefited from the fake bank guarantee?

Through which channels and people was the money transferred?

Since this case is directly related to Reliance Power and its affiliated companies, ED has called Anil Ambani for questioning so that his role can be clarified.

Big revelation of the racket – fake guarantee of Rs 68.2 crore

The ED investigation also found that Reliance NU BESS Limited and Maharashtra Energy Generation Ltd, which are Anil Ambani group companies, had also submitted fake bank guarantees worth Rs 68.2 crore to SECI. After this case, ED has also started re-investigation into the old financial fraud cases of Anil Ambani Group. Reliance Communications Ltd (RCom) accused of loan fraud of ₹14,000 crore. Case of fraud of Rs 1,050 crore registered against Canara Bank.

The government had told in Parliament that SBI has declared RCom as a ‘fraud account’, and preparations are being made to send a complaint to CBI. Overall, this case is not limited to just a fake bank guarantee – it raises serious questions on the financial transparency and management of Reliance Group.

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Truble For Anil Ambani: Troubles have increased for Anil Ambani’s Reliance Group, which is stuck in the bank loan fraud case. The Ministry of Corporate Affairs (MCA) has now started a new investigation amidst the already ongoing investigations by the central investigating agencies- ED, CBI and SEBI. The ministry has ordered an investigation into alleged misuse and misappropriation of funds in several group companies, such as Reliance Infrastructure, Reliance Communications, Reliance Commercial Finance and CLE Private Limited.

According to reports, the ministry’s preliminary investigation has indicated serious irregularities and large-scale embezzlement of funds under the Companies Act. On this basis, the case has now been handed over to the Serious Fraud Investigation Office (SFIO).

Investigation handed over to SFIO

The SFIO will now find out between which units of the group the funds were transferred, how the money flowed, and who had the role at the senior management level. Action will be taken after the investigation is completed. This step has come at a time when ED has intensified action against debt-ridden Reliance Group companies.

Earlier this week, the agency seized assets worth about Rs 7,500 crore of Reliance Group. These include 30 properties of Reliance Infrastructure and properties belonging to Adhar Property Consultancy, Mohanbir Hi-tech Build, Gamesa Investment Management, Vihaan43 Realty and Campion Properties. According to the ED, these attachments relate to the multi-crore bank fraud case involving Reliance Infrastructure.

Investigation on loan worth Rs 40,000 crore

The ED case focuses on loans taken by Reliance Communications (RCOM) and its affiliates between 2010 and 2012. According to the agency, the total outstanding is Rs 40,185 crore and five banks have declared these loan accounts as ‘fraud’.

Investigators say these funds were diverted to other group units, sent to related companies and used to repay old loans – a violation of loan terms. ED alleged that the money raised for business operations was used for “evergreening of debt” i.e. repaying old loans by taking new loans.

ED has said in its statement that between 2010 and 2012, RCom and its group companies collected thousands of crores of rupees from banks, out of which Rs 19,694 crores are still outstanding. These accounts have become NPA and five banks have declared them fraud.

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