India's ED Freezes Over ₹7,500 Crore in Reliance Anil Ambani Group Assets Amid Money Laundering Probe

Enforcement Directorate Takes Action Against Reliance Anil Ambani Group

The Enforcement Directorate (ED) of India has provisionally attached assets exceeding ₹7,500 crore (approximately $846 million to $1.1 billion) belonging to the Reliance Anil Ambani Group and its associated entities. The provisional attachment orders, issued on October 31, 2025, fall under the provisions of the Prevention of Money Laundering Act (PMLA), 2002. This action is part of an ongoing investigation into alleged money laundering and fraudulent diversion of public funds by various group companies.

Details of the Attached Assets

Initially, the ED attached assets valued at approximately ₹3,084 crore. These included over 42 properties, with 30 belonging to Reliance Infrastructure Limited, 5 to Adhar Property Consultancy Private Limited, and 4 to Mohanbir Hi-tech Build Private Limited. The attached properties are spread across major Indian cities and regions, including Delhi, Noida, Ghaziabad, Mumbai, Pune, Thane, Hyderabad, Chennai, Kancheepuram, and East Godavari. Notable assets include Anil Ambani's Pali Hill residence in Mumbai and the Reliance Centre in New Delhi.

Subsequently, the ED attached an additional 132 acres of land within the Dhirubhai Ambani Knowledge City (DAKC) in Navi Mumbai, Maharashtra, valued at ₹4,462.81 crore. This latest attachment brought the cumulative value of assets frozen in connection with the group's alleged loan frauds to over ₹7,500 crore.

Nature of the Money Laundering Investigation

The investigation primarily focuses on the alleged diversion and laundering of public funds raised by Reliance Home Finance Ltd (RHFL) and Reliance Commercial Finance Ltd (RCFL). The ED's probe revealed that between 2017 and 2019, Yes Bank invested significant amounts in RHFL and RCFL, which subsequently became non-performing assets by December 2019.

Key allegations include:

• Fund Diversion: Loans taken by one group entity were allegedly used to repay loans of other entities, transferred to related parties, or invested in mutual funds, violating loan sanction conditions.
• 'Evergreening' of Loans: Over ₹13,600 crore was allegedly diverted for 'evergreening' of loans, a practice where new loans are used to repay existing ones.
• SEBI Violations: The ED found that direct investments by the erstwhile Reliance Nippon Mutual Fund into Anil Ambani Group financial companies were prohibited under SEBI's conflict-of-interest framework. Funds were allegedly routed indirectly through Yes Bank exposures to circumvent these rules.
• Shell Companies: Authorities claim funds were diverted through shell companies.

The overall scale of financial irregularities across the Reliance Group is estimated to be over ₹17,000 crore, covering multiple lending transactions and alleged fund diversions between 2006 and 2019.

Broader Investigations and Company Response

The ED's money laundering case stems from a criminal case filed by the Central Bureau of Investigation (CBI). In a related development, the Ministry of Corporate Affairs (MCA) has handed over a fresh probe into alleged fund diversion across multiple group companies to the Serious Fraud Investigation Office (SFIO), following preliminary findings of large-scale siphoning of funds.

In response to the ED's actions, Reliance Infrastructure Limited stated that the provisional attachment of certain assets would have 'no impact' on its business operations, shareholders, or employees. The company also clarified that Anil D. Ambani has not been on its board for over 3.5 years.