Reliance Group chairman Anil Ambani faced federal scrutiny on Thursday as he appeared before the Enforcement Directorate in New Delhi for a second session of questioning linked to an alleged bank fraud-linked money laundering investigation, marking a significant escalation in legal action against one of India’s long-standing industrial figures. The 66-year-old entered the agency’s central Delhi office around 10.30 am for a hearing under the Prevention of Money Laundering Act, where officials said his statement would be recorded as part of a sprawling inquiry into financial irregularities involving his group companies. Investigators are probing claims tied to an alleged loan fraud with total outstanding credit of more than ₹40,000 crore extended to Reliance Communications and associated firms, which defaulted on repayments to a consortium of domestic and international lenders. The Enforcement Directorate, acting on Supreme Court directions, established a special investigation team to examine multiple facets of the case, including potential diversion of funds, complicity of corporate executives, and patterns of asset transfers that could constitute money laundering under Indian law.
Ambani’s appearance comes amid a broader enforcement push that has seen the probe agency attach significant assets tied to the case. On Wednesday, the ED issued a provisional order to seize his luxury Mumbai residence ‘Abode’ in the upscale Pali Hill area, valued at around ₹3,716 crore, bringing the cumulative value of attached assets linked to the investigation to approximately ₹15,700 crore. The agency’s move aims to prevent the transfer or sale of assets that could be connected to alleged financial misconduct, as provisions under the law allow for such attachments during ongoing inquiries.
The Enforcement Directorate’s probe stems from several complaints and Central Bureau of Investigation FIRs that allege fraud, cheating, bribery and diversion of public funds by entities within the Reliance Anil Ambani Group. RCOM and its affiliates availed themselves of substantial loans from banks including Bank of Baroda, IDBI Bank, Yes Bank and Indian Overseas Bank between 2010 and 2012, of which significant portions were subsequently categorised as non-performing assets by lenders. In filings to the apex court, the ED has said the irregularities involve both domestic and foreign credit lines that were never repaid.
Legal setbacks for Ambani have also emerged from the judiciary. The Bombay High Court recently allowed appeals by several banks and an external audit firm against a previous order that had provided him temporary relief in a forensic audit dispute over the alleged fraud tagging of RCOM’s accounts, reinforcing lenders’ ability to pursue claims under regulatory frameworks.
Ambani, whose business interests span defence, power, telecommunications and financial services, has seen his corporate empire shrink over the past two decades following intense competition, industry consolidation and previous insolvency proceedings involving group firms. His legal challenges accelerated after the CBI and ED began focusing on alleged irregularities in the classification of loans and subsequent diversion of funds — actions that, if proven, could trigger significant penalties and criminal consequences under Indian financial crime statutes.
During Thursday’s appearance, the Enforcement Directorate is expected to question him on specific transactions, corporate structures and the role of key executives in the alleged irregularities. Ambani first gave a statement to the ED under PMLA in August 2025, and investigators have since expanded the scope of their inquiry to include asset transfers, family trusts and loan guarantees that could have obscured the flow of funds and complicate repayment obligations.
Shares of group-related entities, including Reliance Communications and Reliance Power, fell in trade amid heightened enforcement activity, reflecting market concerns about the potential financial and reputational fallout from the probe. Analysts said investors are closely watching legal developments, asset attachments and any potential chargesheets that could emerge as the investigation progresses.