Reliance Group’s chairman, Anil Ambani, has received a fresh summons from the Enforcement Directorate (ED) for further questioning regarding an alleged bank loan fraud and money laundering case. The 66-year-old business tycoon is required to appear before the federal agency on November 14, as per sources familiar with the matter.
This marks the second instance where Ambani is facing interrogation in connection with this case. Earlier in August 2025, he was summoned and questioned by the ED as part of the ongoing investigation into alleged financial irregularities concerning loans obtained by his group companies from Indian banks, including the State Bank of India (SBI).
The focus of the Enforcement Directorate’s inquiry revolves around loans raised by Reliance Communications (RCOM) and its affiliated entities during the period of 2010 to 2012. Authorities allege that a significant portion of these funds was diverted to other companies, breaching lending terms.
According to the ED, outstanding dues amounting to Rs 40,185 crore remain unpaid, and five banks have categorized RCOM’s accounts as fraudulent. The agency asserts that instead of being utilized for operational needs, a considerable sum of the funds was funneled to related firms and used for settling previous debts, a practice known as “evergreening” of loans.
Investigators estimate that approximately Rs 13,600 crore was redirected through complex transactions, with some allegedly moved overseas.
The scrutiny on the debt-laden Reliance Group has heightened in recent months, with various regulatory bodies such as the ED, Central Bureau of Investigation (CBI), Securities and Exchange Board of India (SEBI), and the Ministry of Corporate Affairs (MCA) delving into potential irregularities.
A fresh investigation initiated by the MCA is probing alleged fund diversions across multiple group entities like Reliance Infrastructure, Reliance Communications, Reliance Commercial Finance, and CLE Pvt Ltd. Subsequently, the case has been transferred to the Serious Fraud Investigation Office (SFIO) based on preliminary findings of significant financial mismanagement under the Companies Act. The SFIO will scrutinize fund flows between entities and ascertain accountability at senior management levels.
Recently, assets worth nearly Rs 7,500 crore belonging to several Reliance Group companies were attached by the ED. These assets include 30 properties of Reliance Infrastructure and holdings associated with Adhar Property Consultancy, Mohanbir Hi-Tech Build, Gamesa Investment Management, Vihaan43 Realty, and Campion Properties. These attachments are part of an ongoing money laundering investigation linked to what authorities describe as a multi-crore bank fraud case.
In another development, in August, the ED and CBI conducted searches at Anil Ambani’s residences, offices, and locations linked to senior executives of the Reliance Group. Following the raids, a senior finance executive connected to the company was arrested for allegedly facilitating fund transfers.
Once a prominent corporate conglomerate in India, the Reliance Anil Dhirubhai Ambani Group (ADAG) has been grappling with severe financial challenges for several years. Reliance Communications is currently undergoing insolvency proceedings, while legal actions and loan recovery processes have been initiated against Reliance Home Finance, Reliance Commercial Finance, and Reliance Infrastructure by lenders.
Moreover, SEBI has also probed several of these entities for potential breaches related to fund utilization and investor disclosures.