ED’s crackdown on Anil Ambani: Inside the loan fraud and money-laundering probe

India’s Enforcement Directorate (ED) has mounted a sweeping investigation into companies linked to Anil Ambani, with searches across dozens of sites, marathon questioning and fresh regulatory heat from SEBI. The probe spans alleged loan diversion, bogus guarantees and suspected laundering routed through a web of entities. Below is a clear, narrative explainer pulling together what is known so far, with every core fact attributed to credible outlets.

All about ED's probe on Anil Ambani

On July 24, 2025, India’s financial crime agency prepared a coordinated operation targeting more than 35 premises tied to the Reliance Group, covering 50 companies and 25+ individuals, as per a government source cited by Reuters. The focus: suspected money laundering connected to group entities. Within days, the ED searched over 35 locations in Mumbai and elsewhere linked to Ambani-associated entities, part of a case built on prior FIRs alleging siphoning of public money. The Times of India reported investigators suspect a diversion in the ₹20,000–₹30,000 crore range (approx. $2.3–$3.4 billion).

As the probe widened, ANI reported the ED is examining whether funds at Reliance Home Finance (RHFL) and Reliance Commercial Finance (RCFL) were routed to Reliance Infrastructure and Reliance Power, contrary to stated purposes. Investigators have sought loan details from about 20 banks while grilling multiple senior executives. The overall case under the ED lens is pegged at ₹17,000 crore ( $2.0 billion). After the July raids phase, the ED summoned Anil Ambani; he appeared on August 5, 2025 and faced hours of questioning under PMLA, as per ANI. This comes after the central agency issued a Look-Out Circular (LOC) to prevent his travel abroad while the probe proceeds, as reported by ANI.

The follow-up rounds of questioning for close aides, and that Ambani reportedly sought time to submit documents, while company statements have stressed cooperation with authorities. In a related company communication cited by ET, Reliance Power and Reliance Infrastructure said ED raid actions at their premises had concluded, with officials fully cooperating.

SEBI rejects settlement bid

Adding pressure on the group, SEBI has rejected a settlement plea by Anil Ambani and his son tied to Reliance Mutual Fund’s 2016–2019 investments in Yes Bank’s AT-1 bonds. Reuters reported the regulator’s documents alleged the ₹2,150 crore (≈ $245 million) AT-1 exposure was intertwined with loans Yes Bank extended to other Ambani-group entities and that investors suffered estimated losses of ₹1,828 crore (≈ $208.4 million) after the 2020 write-off. Reuters said SEBI has shared its findings with the ED for potential action.

How big is the risk for the group now?

Taken together, the ED’s ₹17,000 crore (≈ $2.0 billion) loan-diversion probe, the ₹68.2 crore (≈ $7.8 million) fake-guarantee strand, and SEBI’s findings tied to Yes Bank’s AT-1 bonds present a multi-pronged legal challenge. The ED operation has already spanned 35 plus sites, with ongoing analysis of inter-company flows and financing structures, as per Reuters. Company statements quoted by the Economic Times say group entities are cooperating.

The SECI ‘fake guarantee’ strand

A parallel ED line of inquiry involves a bogus bank guarantee of ₹68.2 crore ($7.8 million) allegedly submitted to the Solar Energy Corporation of India (SECI). Economic Times reports the document purportedly impersonated SBI communications and referenced entities including Reliance NU BESS Ltd and Maharashtra Energy Generation Ltd. Arrests have followed in this strand of the probe, according to the outlet’s reporting.

(With inputs from the agencies)