In a major development, billionaire Anil Ambani’s Reliance Group is under a multi-agency investigation for alleged ₹17,000 crore loan fraud, with the Enforcement Directorate (ED), Central Bureau of Investigation (CBI), and Securities and Exchange Board of India (SEBI) probing suspected fund diversion and shell company operations linked to Reliance Communications (RCom) and Reliance Home Finance (RHF).
Officials confirmed that preliminary findings indicate large-scale financial irregularities, where borrowed funds were allegedly diverted through offshore and domestic shell entities, raising red flags over potential money laundering and accounting violations.
“The investigation focuses on fund diversion patterns and false disclosures that may have misled lenders and investors,” a senior enforcement official told The Indian Express on condition of anonymity.
Multiple Agencies Converge
The ED’s money-laundering case stems from a CBI FIR registered earlier this year, based on complaints from leading banks and financial institutions. Meanwhile, SEBI is conducting a parallel probe into securities law breaches, including non-disclosure of related-party transactions and misrepresentation of balance sheets.
Authorities have also sought details of foreign transactions, board resolutions, and auditor communications from both Reliance Communications and Reliance Home Finance.
“This is among the most comprehensive corporate probes in recent memory,” said a former SEBI official, calling it a potential turning point in India’s regulatory enforcement framework.
Reliance Group’s Response
A spokesperson for the Reliance Group denied wrongdoing, stating that the company “has fully cooperated with authorities” and that no evidence of fund siphoning has been established.
“All transactions were legitimate and duly recorded. The company remains confident that the truth will prevail,” the spokesperson said in an emailed response.
Anil Ambani himself, who has been questioned multiple times by financial agencies in the past, has not issued a fresh public statement.
Wider Industry Impact
The case has reignited debate around corporate governance and lender accountability, particularly after a string of high-profile financial scandals involving large conglomerates. Analysts warn that the outcome of this investigation could influence investor sentiment toward debt-laden business groups.
“This probe sends a strong message that financial opacity and shell networks will face zero tolerance,” said Rohit Joshi, senior partner at a Mumbai-based law firm.
