The ED raid began in late July, when investigators fanned out across more than 35 locations tied to about 50 companies and 25 individuals linked to Ambani’s group, including firms such as Reliance Communications, Reliance Home Finance and Reliance Infrastructure. Allegations include a ₹3,000‑crore loan from YES Bank during 2017–19 that may have been secured via shell companies and potentially involved bribes to bank officials.
Market watchdog SEBI has separately flagged irregularities including a ₹10,000‑crore alleged diversion from Reliance Infrastructure to group entities using an undisclosed related party, CLE Pvt Ltd, misclassified as an inter‑corporate deposit. The regulator noted missing disclosures from 2016 to 2023 and questioned corporate governance lapses. A company insider claimed the exposure was closer to ₹6,500 crore and that the matter had already been disclosed publicly in February, countering allegations of sensationalism.
In a related development, the ED has launched a parallel investigation into a fake bank guarantee racket tied to Biswal Tradelink Pvt Ltd, which allegedly issued a bogus ₹68.2 crore guarantee to the Solar Energy Corporation of India. The guarantee was reportedly backed by spoofed documentation mimicking SBI email domains and facilitated via shell entities linked to the Anil Ambani Group, with suspects employing Telegram’s disappearing‑message feature to conceal communication trails.
Reliance Power and Reliance Infrastructure issued stock exchange statements clarifying that their operations remain independent of entities under scrutiny. They emphasised that neither financial performance nor day‑to‑day operations have been affected by the investigation, stressing that allegations relate to companies and transactions outside their structures.
Investigators are also coordinating with other regulatory bodies and agencies including the Central Bureau of Investigation, National Housing Bank, National Financial Reporting Authority and Bank of Baroda. These agencies have contributed information pointing to irregularities in credit approvals, related party transactions, fund routing through obscure entities and shell‑company networks.
The probe reflects a broader crackdown on high‑value financial misconduct and aims to untangle a web of alleged improprieties involving major corporate and banking institutions. Analysts note that ED action against a high‑profile business figure signals heightened scrutiny of governance standards in India’s corporate sector.
Ambani’s appearance before the ED marks the next key milestone in the unfolding investigation.