New Delhi : The Enforcement Directorate (ED) on Thursday conducted searches at several locations linked to industrialist Anil Ambani’s companies in Mumbai. While Ambani’s personal residence was not part of the search operation, the ED teams from Delhi and Mumbai visited premises tied to some of his group companies. The investigation is related to alleged money laundering by RAAGA (Reliance Anil Ambani Group) companies.
The Securities and Exchange Board of India (Sebi), the National Financial Reporting Authority (NFRA), Bank of Baroda, and two FIRs filed by the Central Bureau of Investigation (CBI). Senior business executives linked to Anil Ambani’s group are also being searched as part of the wider investigation. The ED claims it has uncovered evidence of a planned scheme to divert public funds.
The investigation suggests that several entities, including banks, shareholders, investors, and public institutions, may have been misled or cheated in the process. The probe focuses on a suspected illegal diversion of loans amounting to Rs 3,000 crore taken from Yes Bank during 2017 to 2019. Funds were transferred to entities associated with the bank’s promoters shortly before the loans were disbursed to the group companies.
Authorities have shared findings related to Reliance Home Finance Ltd (RHFL) with the ED. One major red flag highlighted is a sudden increase in corporate loan disbursals, from Rs 3,742.60 crore in FY 2017–18 to Rs 8,670.80 crore in FY 2018–19.
Minister of State for Finance Pankaj Chaudhary informed the Lok Sabha that SBI reported the matter to the RBI on June 24, 2025. The bank is now preparing to file a formal complaint with the CBI. On July 1, 2025, the Resolution Professional for RCom informed the Bombay Stock Exchange about SBI’s decision as part of its disclosure responsibilities.
SBI’s financial exposure to Reliance Communications is large. It includes a fund-based principal amount of Rs 2,227.64 crore along with interest and expenses due since August 26, 2016. The bank also has a non-fund based exposure through bank guarantees worth Rs 786.52 crore.
RCom is already under the Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code, 2016. A resolution plan has been approved by the Committee of Creditors and filed with the National Company Law Tribunal (NCLT) in Mumbai on March 6, 2020. A final decision from the NCLT is still pending.
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