Reliance Group’s digital arm Jio Platforms can launch India’s biggest IPO this year. According to reports, the company is considering selling about 2.5% of its stake and is preparing IPO documents i.e. prospectus with Morgan Stanley and Kotak Mahindra Bank. It is estimated that the IPO size could be $4 billion+, from which Jio Platforms can raise around $4.5 billion. Some analysts believe that the total valuation of the company could be between $200–240 billion. The listing will also get support from the new rules of SEBI. In the last six years, Jio has expanded rapidly in telecom, digital services, technology and AI.

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 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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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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Rom loan fraud: Industrialist Anil Ambani’s bankrupt company Reliance Communications has been described as a fraud by SBI. Giving information about this in a letter filed in the stock exchange, SBI said that RCom wrongly transferred the approved loan money to other companies. Due to which it has misused the invoices related to inter company transactions and sales.

Anil Ambani’s lawyer reply to SBI

Anil Ambani’s lawyer has written a letter to SBI, strongly opposing Reliance Communications for calling the loan account a fraud. The letter written on 2 July 2025 states that this move of SBI has also violated the guidelines of RBI and court directions.

In a information sent by Reliance Communications to the stock market on Wednesday, he said that SBI is classifying his loan account as fraud, citing alleged sending money to another place in a 2016 case. Anil Ambani’s lawyer said that SBI’s order to call RCom’s loan account a fraud is shocking and unilateral and also violates the principles of Natural Justice.

RBI guidelines violation

Anil Ambani’s lawyer said that the SBI order is a direct violation of the RBI guidelines with various decisions of the Supreme Court and the Mumbai High Court. In the letter, Anil Ambani’s lawyer further said that SBI has not responded to Ambani’s communication about the invalid of show cause notice for about a year. Along with this, the lawyer said that SBI has not even given an opportunity for personal hearing to Ambani to present arguments against his allegations. He said that Ambani is taking forward the matter as per legal advice.

It is worth noting that before SBI, Canara Bank had also argued the Lone Account of RCom as a fraud account. In this, he had sent the reason for sending loan money to connected parties and inter company transactions.

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