ED Intensifies Crackdown on Reliance Anil Ambani Group: Fresh Searches Unearth Evidence of Alleged ₹15,548-Crore Money Laundering Network
(By Syed Ali Taher Abedi)
New Delhi, July 8: In a significant escalation of its money laundering investigation into the alleged diversion and siphoning of public funds by companies belonging to the Reliance Anil Ambani Group (RAAG), the Enforcement Directorate (ED) has conducted fresh search operations against a key employee-linked entity, uncovering documents and evidence relating to suspected financial transactions and assets allegedly beneficially owned or controlled by the Group.
The searches were carried out on July 7, 2026, under the provisions of the Prevention of Money Laundering Act (PMLA), 2002, at the premises of M/s E-Complex Private Limited and the residence of one of its directors.
According to the ED, the operations resulted in the seizure of several incriminating documents, records concerning immovable properties, and other evidentiary material believed to have a bearing on the ongoing investigation.
The central agency stated that the search operations also led to the detection and seizure of evidence relating to suspicious financial transactions and assets allegedly beneficially owned or controlled by entities associated with the Reliance Anil Ambani Group.
The investigation stems from multiple FIRs registered by the Central Bureau of Investigation (CBI), Delhi, on complaints lodged by a consortium of leading financial institutions, including Yes Bank, Bank of Baroda, Bank of Maharashtra, Canara Bank, Indian Overseas Bank, Punjab National Bank, Punjab & Sind Bank, State Bank of India, UCO Bank, Union Bank of India, and Axis Bank Ltd.
According to the ED, the investigation concerns the alleged diversion and siphoning of public funds raised by Reliance Home Finance Limited (RHFL) and Reliance Commercial Finance Limited (RCFL).
Both companies were subsidiaries of Reliance Capital Limited during the period under investigation.
The agency has alleged that public funds amounting to ₹15,548 crore, mobilised through RHFL and RCFL, were systematically diverted through an elaborate network of shell companies and group entities allegedly controlled and managed by the Reliance Anil Ambani Group.
Investigators claim that corporate loans running into thousands of crores were sanctioned in blatant violation of established lending norms, allegedly without adequate due diligence, proper documentation, or meaningful assessment of borrowers’ creditworthiness.
The beneficiary companies were allegedly financially fragile entities with little or no genuine business operations and negligible repayment capacity.
The ED further alleged that directors of many of these shell entities were employees or close associates of the Reliance Anil Ambani Group and functioned under the instructions of the Group’s senior management.
The investigation has also revealed that the bank accounts and books of these companies were allegedly operated and maintained by officials associated with flagship companies of the Group, including Reliance Infrastructure Limited, Reliance Power Limited, and Reliance Capital Limited, indicating effective operational control over the shell entities.
The agency stated that it has quantified the Proceeds of Crime at ₹15,548 crore in the case. So far, properties worth ₹4,510 crore have been attached under the provisions of the PMLA, out of which attachments valued at ₹3,926 crore have already been confirmed by the Adjudicating Authority.
Earlier, on June 12, 2026, the ED had filed a Prosecution Complaint before the Special Court constituted under the PMLA in connection with the case.
The investigation has already resulted in the arrest of Amitabh Jhunjhunwala, former Director of Reliance Capital Limited, and Amit Bapna, former Chief Financial Officer of Reliance Capital Limited.
Both were arrested on April 15, 2026, for their alleged active role in the diversion of funds from RHFL and RCFL and are presently in judicial custody.
The Enforcement Directorate has indicated that the investigation remains ongoing, with further scrutiny into the alleged money trail, beneficial ownership structures, and financial transactions expected in the coming weeks.
