ED has widened its probe into alleged multiple bank loan fraud cases linked to Anil Ambani’s Reliance Group.
A day after questioning Ambani, the agency quizzed his top aides, Amitabh Jhunjhunwala and Sateesh Seth, at its New Delhi headquarters.
The ED had earlier identified at least 25 executives during multi-location searches conducted last month.
The Enforcement Directorate (ED) has reportedly widened its probe into alleged multiple bank loan fraud cases linked to Anil Ambani's Reliance Group.
A day after questioning Ambani, the anti-money laundering agency quizzed his top aides, Amitabh Jhunjhunwala and Sateesh Seth, NDTV Profit reported, citing sources. Jhunjhunwala served as Vice Chairman of Reliance Capital, while Seth was Group MD of Reliance Group. Both appeared at the ED headquarters in New Delhi on Wednesday.
According to reports, the ED had identified at least 25 executives during its multi-location searches last month.
The agency is investigating alleged financial irregularities and loan diversions exceeding ₹17,000 crore involving multiple companies under Anil Ambani’s Reliance Group, including Reliance Infrastructure (R Infra).
One key allegation relates to the diversion of approximately ₹3,000 crore in loans issued by Yes Bank to Ambani group firms between 2017 and 2019. Investigators believe that Yes Bank promoters may have received funds in their own entities shortly before sanctioning the loans, suggesting a possible quid pro quo arrangement.
The ED is also examining potential violations in Yes Bank’s loan approval process, including the use of back-dated credit approval notes, inadequate due diligence, and investments sanctioned without proper credit assessments, in breach of the bank’s credit policy. The agency alleges that the loans were routed through several group and shell companies, some of which shared the same addresses and directors and lacked proper documentation.
This money-laundering probe is based on two CBI FIRs and reports submitted to the ED by the National Housing Bank, SEBI, the National Financial Reporting Authority, and Bank of Baroda. These reports suggest a deliberate plan to siphon public funds, causing losses to banks, shareholders, investors, and other financial institutions.
Another aspect under investigation, highlighted in a SEBI report, involves R Infra allegedly transferring funds disguised as inter-corporate deposits (ICDs) to other Reliance Group companies through a firm called CLE. The company allegedly avoided disclosing CLE as a related party to bypass shareholder and audit approvals.
Reliance Group has denied any wrongdoing, clarifying that the alleged ₹10,000 crore diversion dates back a decade. The company stated last month that its actual exposure was ₹6,500 crore. In February, R Infra also announced it had reached a settlement to recover the entire ₹6,500 crore through mandatory mediation proceedings overseen by a retired Supreme Court judge, with the award filed before the Bombay High Court.
The company further noted that Anil Ambani has not served on R Infra’s board since March 2022.
Last week, the ED arrested Partha Sarathi Biswal, Managing Director of Biswal Tradelink Private, in connection with the case. He was accused of arranging fake bank guarantees worth ₹68.2 crore. The NDTV report claims that the agency will seek an extension of Biswal’s custody as it expires today.
Further reports indicate that Anil Ambani is expected to be called back in 7–10 days for questioning. He left the agency's headquarters in New Delhi after more than eight hours on 5 August.
