Mumbai : The Enforcement Directorate has attached Reliance Group chairman Anil Ambani’s 17-storey Mumbai residence ‘Abode’, pegged at Rs 3,716.83 crore, in connection with an alleged bank fraud. Official sources said on Wednesday that a provisional attachment order has been issued under the Prevention of Money Laundering Act PMLA against the 66-metre-high luxury property located in Mumbai’s Pali Hill area.
Ambani, 66, is expected to appear before the agency in Delhi for a second round of questioning. He had first deposed before the ED in August 2025, when his statement was recorded under the PMLA. The attachment is part of a wider investigation into alleged financial irregularities and loan diversion by Reliance Communications RCOM. The ED’s action follows two FIRs registered by the Central Bureau of Investigation which relate to allegations of cheating, bribery and diversion of public funds by entities within the Reliance Anil Ambani Group.
A preliminary probe indicates that companies linked to Ambani were involved in a structured scheme to divert loans worth around Rs 3,000 crore from Yes Bank between 2017 and 2019. Investigators are examining whether funds were routed through shell entities and round-tripped. Concerns have also been raised over alleged back-dated Credit Approval Memorandums, sanction of loans without due diligence and disbursals made even before formal approvals.
Officials are also probing a possible quid-pro-quo arrangement, as money was allegedly received by concerns linked to promoters of Yes Bank shortly before loan disbursements. Multiple agencies, including the National Housing Bank, Sebi, the National Financial Reporting Authority and Bank of Baroda, shared inputs that fed into the investigation. Reliance Home Finance Ltd RHFL has also come under scrutiny. Sebi is learnt to have flagged a sharp rise in corporate loans disbursed by RHFL, from Rs 3,742.60 crore in FY 2017–18 to Rs 8,670.80 crore in FY 2018–19.
SBI’s exposure includes Rs 2,227.64 crore in fund-based loans and Rs 786.52 crore in bank guarantees. The matter has been reported to the RBI, and the bank is preparing to file a complaint with the CBI.The action follows State Bank of India declaring Reliance Communications and its promoter Anil D Ambani as ‘fraud’ under Reserve Bank of India guidelines. SBI’s exposure includes Rs 2,227.64 crore in fund-based loans and Rs 786.52 crore in bank guarantees. The matter has been reported to the RBI, and the bank is preparing to file a complaint with the CBI.
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