Anil Ambani Summoned: The Enforcement Directorate (ED) has summoned Reliance Group chairman and managing director Anil Ambani for questioning in an alleged ₹17,000 crore loan fraud case. Ambani has been asked to appear at the ED headquarters in New Delhi on August 5. The probe is being conducted under the Prevention of Money Laundering Act (PMLA).
The development comes as the ED intensifies its investigation, having recently searched around 35 locations in Mumbai linked to the Reliance Group. The probe has expanded to Odisha and West Bengal, where fresh raids are underway in connection with a fake bank guarantee racket.
Fake Bank Guarantee Probe Leads to Raids in Odisha and Bengal
As part of the ongoing investigation, the ED conducted searches at three premises in Bhubaneswar linked to M/s Biswal Tradelink Private Limited and its directors. A related property in Kolkata, allegedly associated with an operator connected to the case, was also searched.
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The ED alleges that Biswal Tradelink was involved in issuing fake bank guarantees for an 8% commission. It further claims that Anil Ambani’s firm obtained contracts based on these fake guarantees and generated bogus commission bills to facilitate the fraud. Investigators have detected multiple undisclosed bank accounts and suspicious financial transactions amounting to crores of rupees.
SEBI Flags Financial Irregularities in Reliance Infrastructure
Parallel to the ED probe, the Securities and Exchange Board of India (SEBI) has shared findings from a separate investigation with the ED, National Financial Reporting Authority (NFRA), and the Insolvency and Bankruptcy Board of India (IBBI).
According to SEBI, Reliance Infrastructure (R Infra) allegedly diverted ₹10,000 crore via an undisclosed group entity, CLE Pvt Ltd. The diversion was masked as inter-corporate deposits (ICDs). SEBI’s report highlights that CLE was used to route large sums without declaring it a related party, thereby bypassing audit and shareholder oversight.
Documents reviewed by SEBI include internal emails, board meeting records, and bank documents showing links between CLE and Reliance ADA Group. The watchdog also revealed that R Infra continued to extend financial support to CLE despite the latter’s poor repayment track record. From FY13 to FY23, 25% to 90% of R Infra’s total assets were reportedly invested in CLE.
Reliance Group Responds
A person close to the Reliance Group, cited by The Economic Times, contested SEBI’s claim of ₹10,000 crore diversion. According to the source, the actual exposure was ₹6,500 crore, already disclosed publicly by Reliance Infrastructure on February 9. “When the exposure was ₹6,500 crore, how can the diversion be ₹10,000 crore?” the person questioned.
The individual added that the company had undergone mediation under a retired Supreme Court judge and filed for recovery in the Bombay High Court. They also clarified that the Odisha-based distribution companies involved are operational, with recovery still pending in court.
