MUMBAI, Aug 1: Reliance Group Chairman Anil Ambani has been summoned by the Enforcement Directorate (ED) for questioning on August 5 in connection with a major ₹17,000 crore loan fraud case. The investigation falls under the ambit of the Prevention of Money Laundering Act (PMLA) and involves alleged financial irregularities across multiple group entities and financial institutions.
The summons comes after the ED conducted raids at over 35 locations in Mumbai linked to Ambani’s business operations. Authorities are probing the alleged illegal diversion of loan funds from banks to group companies and associates.
A major focus of the investigation is the suspected misuse of ₹3,000 crore in loans from Yes Bank to various Reliance Group firms between 2017 and 2019. The ED is examining whether these funds were rerouted in exchange for payments to Yes Bank promoters.
Further deepening the probe, the ED has reviewed a report from the Securities and Exchange Board of India (SEBI), which claims that Reliance Infrastructure diverted nearly ₹10,000 crore through a related party, CLE Pvt Ltd. The amount, allegedly moved without appropriate approvals and disguised as inter-corporate deposits, raises serious compliance concerns. However, sources close to the Reliance Group have contested the figure, claiming it was closer to ₹6,500 crore.
Another allegation under investigation involves the submission of a fake bank guarantee worth ₹68.2 crore to the Solar Energy Corporation of India (SECI) by entities connected to the group, pointing to a possible fake guarantee racket.
In response to the ED’s actions, Reliance Infrastructure and Reliance Power clarified through stock exchange filings that Anil Ambani does not hold any board position in either company. They also asserted that the ongoing investigation has had “absolutely no impact” on their operational or financial performance.
