Mumbai: In a major escalation of its money laundering probe, the Enforcement Directorate (ED) has provisionally attached industrialist Anil Ambani’s luxury Mumbai residence ‘Abode’, valued at ₹3,716.83 crore, in connection with the alleged Reliance Communications (RCOM) bank fraud case.
The 17-storey property located in Mumbai’s upscale Pali Hill area has been attached under the Prevention of Money Laundering Act (PMLA). With this latest move, the total value of assets attached in the case has climbed to nearly ₹15,700 crore.
Second Round of Questioning Likely
Officials indicated that Ambani may soon be summoned for another round of questioning in Delhi. The Reliance Group chairman had earlier appeared before the ED in August 2025, when his statement was recorded under PMLA provisions.
Focus on Alleged Loan Diversion
The attachment forms part of a broader investigation into suspected financial irregularities and diversion of loans by Reliance Communications. The ED action follows two FIRs registered by the Central Bureau of Investigation (CBI) alleging cheating, bribery and misuse of public funds by entities linked to the Reliance Anil Ambani Group.
Investigators have conducted searches at more than 35 locations connected to group firms and executives, covering over 50 companies and questioning more than 25 individuals across Mumbai and Delhi.
Yes Bank Loans Under Scanner
Preliminary findings suggest that companies linked to Ambani may have diverted loans worth about ₹3,000 crore from Yes Bank between 2017 and 2019. The ED is examining whether the funds were routed through shell companies and round-tripped.
The agency is also scrutinising alleged back-dated credit approval memorandums, loans sanctioned without adequate due diligence and disbursements made before formal approvals. Possible quid pro quo transactions involving entities linked to Yes Bank promoters are also under investigation.
Reliance Home Finance Also Under Lens
Reliance Home Finance Ltd (RHFL) has also come under ED scrutiny as part of the wider probe. Market regulator Sebi is learnt to have flagged a sharp rise in the company’s corporate lending—from ₹3,742.60 crore in FY18 to ₹8,670.80 crore in FY19—which investigators are now examining for possible links to the alleged diversion network.
SBI Tags RCOM as ‘Fraud’
In a parallel development, State Bank of India has classified Reliance Communications and its promoter Anil D Ambani as ‘fraud’ under RBI guidelines. SBI’s exposure reportedly includes ₹2,227.64 crore in fund-based loans and ₹786.52 crore in bank guarantees.
RCOM is currently undergoing insolvency proceedings before the National Company Law Tribunal, while SBI has initiated personal insolvency proceedings against Ambani under the Insolvency and Bankruptcy Code.
Group Firms Issue Clarification
Reliance Power and Reliance Infrastructure have distanced themselves from the investigation, stating they are independent listed entities with no financial or business linkage to RCOM or RHFL. They also clarified that Anil Ambani is not on their boards and any action against the two firms does not impact their operations.
The ED probe into the Reliance group’s financial dealings is ongoing, with further action likely as investigators dig deeper into the alleged loan diversion trail.
