Investigation-led seizure at 50 corporations connected to Anil Ambani's Reliance Group
In a significant development, the Enforcement Directorate (ED) has conducted extensive raids on premises, companies, and individuals associated with Anil Ambani’s Reliance Group, under the Prevention of Money Laundering Act (PMLA). The operations, which began on July 24, 2025, covered over 35 locations, 50 companies, and more than 25 individuals, primarily in Delhi and Mumbai.
These actions stem from a money laundering investigation linked to alleged financial irregularities involving large loans extended by Yes Bank to Reliance Group entities between 2017 and 2019. The ED’s search operations were authorized under Section 17 of the PMLA, allowing for searches, seizures, and questioning of suspects and entities involved in alleged money laundering.
The investigation spans two FIRs registered earlier by the Central Bureau of Investigation (CBI), which accused the group of large-scale financial irregularities, including cheating banks, shareholders, investors, and public institutions. Preliminary findings suggest a “well-planned scheme” to siphon approximately Rs 3,000 crore of public money through fraudulent loan practices.
ED officials have uncovered evidence of alleged bribery: Yes Bank, under then-promoter Rana Kapoor, is accused of disbursing unsecured loans to Reliance Group companies, while, in return, Anil Ambani Group entities allegedly advanced loans worth Rs 285 crore to Kapoor’s family entities as bribes. These transactions purportedly took place just before the sanctioning of the loans by Yes Bank.
The probe specifically focuses on loans provided by Yes Bank to Reliance Commercial Finance Limited (Rs 900 crore), Reliance Capital Ltd (Rs 1,000 crore), and Reliance Home Finance Ltd (Rs 1,000 crore). By 2019, these loans had become non-performing assets, prompting Yes Bank to file complaints with the CBI in 2020, which subsequently registered FIRs in 2022.
The investigations point to systemic lapses in Yes Bank's internal processes and a potential nexus between loan approvals and payments to Yes Bank promoters (Rana Kapoor). Apart from the CBI, several regulatory and financial institutions including the Securities and Exchange Board of India (SEBI), National Housing Bank, National Financial Reporting Authority (NFRA), and Bank of Baroda have provided inputs to the ED as part of the investigation.
The case is part of a larger ED investigation into Yes Bank’s loan practices during Rana Kapoor’s tenure, which also involves other major Indian firms such as Essel, DHFL, Cox & Kings, Jet Airways, and Indiabulls. Following the raids, shares of Reliance Infrastructure and Reliance Power—major listed entities of the Anil Ambani Group—plummeted by about 10% over two days. Both companies have denied any involvement, stating that the probe pertains to separate entities and does not impact their operations.
The investigation remains ongoing, with further developments expected as more evidence is collected and analyzed.
- The Enforcement Directorate's operations against Anil Ambani’s Reliance Group, under the Prevention of Money Laundering Act (PMLA), have been intensifying, focusing on alleged financial irregularities related to loans from Yes Bank.
- The ongoing probe into Yes Bank's loan practices during Rana Kapoor's tenure also encompasses other major Indian firms such as Essel, DHFL, Cox & Kings, Jet Airways, and Indiabulls, indicating a broader investigation into the banking sector's infrastructure and general-news.
- In the wider context of India's economic policy and politics, this investigation could have profound implications for business and finance, as it potentially uncovers a nexus between loan approvals and payments to Yes Bank promoters, involving entities from the cricket world to crime-and-justice.
- Despite the extensive raids and investigations, Reliance Infrastructure and Reliance Power—major listed entities of the Anil Ambani Group—have denied any involvement, asserting that the probe pertains to separate entities and does not impact their operations.
- As the investigation progresses, it is expected that more evidence will come to light, shedding further light on the complex web of financial transactions and potential misdeeds within India's corporate landscape.
