ED Summons Anil Ambani in Multi-Crore Loan Fraud Probe

The Enforcement Directorate (ED) has summoned businessman Anil Ambani in connection with its ongoing money laundering investigation into alleged loan fraud involving several thousand crores of rupees, officials familiar with the matter confirmed on Friday.

Ambani has been asked to appear before the agency on August 5, where he is expected to be questioned about suspicious loans granted to Reliance Home Finance Ltd (RHFL) and Reliance Commercial Finance Ltd (RCFL), and the alleged diversion of funds linked to both companies.

Last week, the ED conducted extensive searches across 50 companies and 25 individuals, including top executives of firms formerly associated with the Reliance Anil Dhirubhai Ambani Group. The probe focuses on loans extended by Yes Bank to RHFL and RCFL—both of which are under the scanner for suspected fraud.

The Central Bureau of Investigation (CBI) has already named former Yes Bank chairman Rana Kapoor as an accused in related cases. ED officials said that their initial findings point to a “well-orchestrated scheme” to siphon off public funds by misleading banks, investors, shareholders, and financial institutions.

Investigators allege serious irregularities in Yes Bank’s loan approvals to Ambani-linked entities. “Credit approval memorandums were back-dated. Investments were made without proper due diligence, violating the bank’s own credit policies,” one ED officer stated. The loans were allegedly routed through multiple group and shell companies in violation of lending terms.

A second ED official highlighted a sharp surge in RHFL’s corporate loan book—from ₹3,742.60 crore in FY 2017-18 to ₹8,670.80 crore in FY 2018-19—which has raised red flags for investigators.

In addition, the ED is probing a separate alleged fraud involving ₹14,000 crore by Reliance Communications Ltd (RCOM).

A Reliance Group spokesperson, speaking on condition of anonymity, distanced Anil Ambani from the companies under investigation. “Mr. Ambani resigned from RCOM’s board in 2019. He is not on the board of any Reliance Group companies today,” the official said, adding that RHFL and RCOM are no longer part of the Reliance Group, which currently includes only Reliance Infrastructure Ltd and Reliance Power Ltd.

They also noted that RCOM has been under Insolvency and Bankruptcy proceedings for over six years and questioned the fairness of the investigation. “The State Bank of India did not grant Mr. Ambani a personal hearing before making its decision. Similar allegations were dropped against others, but not in Mr. Ambani’s case,” the official added.

The ED’s three-day search operation concluded on July 27. Following the raids, Reliance Infrastructure and Reliance Power clarified in regulatory filings that the agency’s actions had no impact on their current operations.