New Delhi — The Enforcement Directorate has seized documents and other evidence during searches linked to an alleged bank fraud case involving Reliance Anil Ambani Group companies, officials said Wednesday.
The agency conducted searches Tuesday at the premises of E-Complex Private Limited and at the residence of one of its directors. According to an official statement, investigators found evidence related to suspicious transactions and assets allegedly beneficially owned or controlled by the Reliance Anil Ambani Group.
The ED said it seized several documents, records related to immovable properties and other materials connected to the case.
Investigators allege that public funds worth thousands of crores of rupees raised by Reliance Home Finance Limited and Reliance Commercial Finance Limited were diverted through a network of shell and group companies controlled and managed by the Reliance Anil Ambani Group.
According to the agency, corporate loans were sanctioned to these entities in violation of lending norms and without adequate due diligence, proper documentation or assessment of creditworthiness. The ED said the beneficiary entities were financially weak, lacked genuine business operations and had little or no repayment capacity.
The investigation has also found that directors of the alleged shell entities were employees or close associates of the Reliance Anil Ambani Group and acted under the directions of senior group management, according to the agency. The ED said bank accounts and books of account of these entities were operated and maintained by officials of flagship group companies, including Reliance Infrastructure Limited, Reliance Power Limited and Reliance Capital Limited.
The ED filed a prosecution complaint before the Special Court under the Prevention of Money Laundering Act on June 12, 2026.
The agency has quantified the total proceeds of crime in the case at Rs 15,548 crore. Properties worth Rs 4,510 crore have been attached so far under the PMLA, while attachments worth Rs 3,926 crore have been confirmed by the Adjudicating Authority.
Earlier, the ED arrested Amitabh Jhunjhunwala, former director of Reliance Capital Limited, and Amit Bapna, former chief financial officer of Reliance Capital Limited, on April 15, 2026, for their alleged role in the diversion of funds from RHFL and RCFL. Both are currently in judicial custody.
The ED is investigating alleged diversion and siphoning of public funds by RHFL and RCFL under the PMLA. The investigation was initiated based on multiple FIRs registered by the Central Bureau of Investigation in Delhi following complaints by 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 Limited.
Further investigation is underway.ED Seizes More Evidence in Raid on Anil Ambani Group-Linked Firm
New Delhi — The Enforcement Directorate has seized documents and other evidence during searches linked to an alleged bank fraud case involving Reliance Anil Ambani Group companies, officials said Wednesday.
The agency conducted searches Tuesday at the premises of E-Complex Private Limited and at the residence of one of its directors. According to an official statement, investigators found evidence related to suspicious transactions and assets allegedly beneficially owned or controlled by the Reliance Anil Ambani Group.
The ED said it seized several documents, records related to immovable properties and other materials connected to the case.
Investigators allege that public funds worth thousands of crores of rupees raised by Reliance Home Finance Limited and Reliance Commercial Finance Limited were diverted through a network of shell and group companies controlled and managed by the Reliance Anil Ambani Group.
According to the agency, corporate loans were sanctioned to these entities in violation of lending norms and without adequate due diligence, proper documentation or assessment of creditworthiness. The ED said the beneficiary entities were financially weak, lacked genuine business operations and had little or no repayment capacity.
The investigation has also found that directors of the alleged shell entities were employees or close associates of the Reliance Anil Ambani Group and acted under the directions of senior group management, according to the agency. The ED said bank accounts and books of account of these entities were operated and maintained by officials of flagship group companies, including Reliance Infrastructure Limited, Reliance Power Limited and Reliance Capital Limited.
The ED filed a prosecution complaint before the Special Court under the Prevention of Money Laundering Act on June 12, 2026.
The agency has quantified the total proceeds of crime in the case at Rs 15,548 crore. Properties worth Rs 4,510 crore have been attached so far under the PMLA, while attachments worth Rs 3,926 crore have been confirmed by the Adjudicating Authority.
Earlier, the ED arrested Amitabh Jhunjhunwala, former director of Reliance Capital Limited, and Amit Bapna, former chief financial officer of Reliance Capital Limited, on April 15, 2026, for their alleged role in the diversion of funds from RHFL and RCFL. Both are currently in judicial custody.
The ED is investigating alleged diversion and siphoning of public funds by RHFL and RCFL under the PMLA. The investigation was initiated based on multiple FIRs registered by the Central Bureau of Investigation in Delhi following complaints by 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 Limited.
Further investigation is underway. (Source: IANS)
