Anil Ambani Grilled by ED in Suspected ₹17,000 Crore Loan Fraud

Reliance Group Chairman Under ED Scanner
NEW DELHI: Industrialist Anil Ambani, chairman of the Reliance Group, appeared before the Enforcement Directorate (ED) in New Delhi on Tuesday as part of an ongoing investigation into a suspected ₹17,000 crore loan fraud.

The case, which falls under the Prevention of Money Laundering Act (PMLA), centres on alleged financial irregularities and loan misappropriations linked to the Reliance Anil Dhirubhai Ambani Group (RAAGA).

Nationwide Raids and Alleged Diversion of Public Funds
The development follows a sweeping enforcement action on 24 July, during which the ED raided 35 premises associated with over 50 companies and 25 individuals connected to RAAGA. The raids were conducted after a money laundering case was registered, based on a First Information Report (FIR) by the Central Bureau of Investigation (CBI).

According to ED sources, initial findings point to a “well-planned and thought-out scheme” involving the diversion of public funds by defrauding banks and financial institutions. Particular scrutiny has been placed on Yes Bank, with investigators probing the role of its former promoter in allegedly disbursing and diverting around ₹3,000 crore in loans between 2017 and 2019.

The case has drawn information and support from multiple regulatory bodies, including the National Housing Bank, Securities and Exchange Board of India (SEBI), National Financial Reporting Authority (NFRA), and Bank of Baroda.

Ambani’s appearance before the ED marks a significant escalation in the case. While he has not been formally charged, the ongoing scrutiny and financial scope of the alleged fraud have placed the embattled industrialist firmly under the enforcement lens. The investigation is still in its early stages, but the scale and reach of the alleged scam suggest further revelations may follow.