NEW DELHI: The Enforcement Directorate (ED) has launched a detailed probe into the alleged diversion of ₹12,000 crore in loans by Reliance Home Finance Ltd (RHFL), a company linked to Anil Ambani’s group. The search operations, which began on July 24 and concluded on Sunday, spanned over 72 hours and involved scrutiny of digital records and documents seized from multiple Reliance group entities.
The ED is being supported in its investigation by agencies including the National Financial Reporting Authority, the Central Bureau of Investigation (CBI), the Securities and Exchange Board of India (SEBI), and the National Housing Bank. These efforts come in the wake of massive losses faced by public sector banks, many of which are now staring at severe write-downs due to the insolvency proceedings of at least a dozen related entities.
According to sources, 22 key management personnel and associates of Anil Ambani are being investigated, along with 60 companies connected to RHFL.
Sebi, Forensic Reports Reveal Alleged Fund Laundering
A SEBI report submitted to the ED highlighted that RHFL had written off around ₹7,000 crore of loans out of the total ₹12,000 crore, all reportedly extended to entities associated with the Anil Ambani group. The report also stated that these entities had common addresses, emails, and directors, indicating related party transactions.
Sebi’s order dated August 22, 2024, alleged that RHFL operated a fraudulent scheme to divert funds for the benefit of Ambani and his associated companies. Forensic audits confirmed that the loans were routed through companies such as Crest Logistics and Engineers Pvt Ltd, which in turn received funds from RPL Star Power, RPL Solar Power, Species Trade and Commerce, and Worldcom Solutions—all of which are allegedly tied to the group.
RHFL is already under the scanner in another case involving ₹2,965 crore taken from Yes Bank. Of this amount, ₹1,353 crore has turned into non-performing assets (NPA), with alleged bribes routed through former Yes Bank CEO Rana Kapoor’s wife, Bindu Kapoor.
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Reliance Power and Reliance Infrastructure have stated that they are fully cooperating with authorities. A group official claimed RHFL’s account had been resolved following a 2023 Supreme Court judgment, and challenged SEBI’s findings before the Securities Appellate Tribunal in 2024.