New Delhi | The Enforcement Directorate (ED) has seized fresh documents and other evidence during searches conducted as part of its ongoing money laundering investigation into the alleged diversion of public funds involving Reliance Home Finance Limited (RHFL) and Reliance Commercial Finance Limited (RCFL). The agency alleges that loans amounting to ₹15,548 crore were diverted through a network of shell companies allegedly linked to the Reliance Anil Ambani Group (RAAG).
According to the ED, searches were carried out at the premises of M/s E-Complex Private Limited and the residence of one of its directors. During the operation, investigators recovered documents, records relating to immovable properties, and other material that the agency claims is linked to suspicious financial transactions and assets allegedly beneficially owned or controlled by entities associated with the Reliance Anil Ambani Group.
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The ED stated that its investigation indicates that thousands of crores of rupees raised by RHFL and RCFL were allegedly diverted through shell companies and group entities. The agency alleges that several corporate loans were sanctioned without adequate due diligence, proper documentation, or assessment of borrowers’ creditworthiness, contrary to prudent banking practices.
According to the agency, many of the alleged beneficiary entities had little or no genuine business activity, were financially weak, and lacked the capacity to repay the loans. The ED further claims that directors of several shell companies were employees or close associates of the Reliance Anil Ambani Group and acted under the instructions of senior management.
Investigators have also alleged that the bank accounts and financial records of these entities were operated by officials associated with group companies, including Reliance Infrastructure Limited, Reliance Power Limited, and Reliance Capital Limited, suggesting effective control over the shell entities.
The ED informed that it filed a prosecution complaint before a Special Court under the Prevention of Money Laundering Act (PMLA) on June 12, 2026. The agency has quantified the alleged proceeds of crime at ₹15,548 crore.
So far, the ED has attached assets worth ₹4,510 crore under the PMLA. According to the agency, properties valued at ₹3,926 crore have already been confirmed by the Adjudicating Authority.
The agency also stated that Amitabh Jhunjhunwala, former Director of Reliance Capital Limited, and Amit Bapna, former Chief Financial Officer of Reliance Capital Limited, were arrested on April 15, 2026, in connection with the alleged diversion of funds from RHFL and RCFL. Both are currently in judicial custody.
According to the ED, the money laundering investigation stems from multiple FIRs registered by the Central Bureau of Investigation (CBI) following complaints filed by a consortium of banks, including Yes Bank, State Bank of India, Bank of Baroda, Canara Bank, Punjab National Bank, Union Bank of India, and several other financial institutions.
The ED has stated that the investigation is continuing. The allegations remain under investigation, and the matter is subject to judicial proceedings.
About the author — Suvedita Nath is a science student with a growing interest in cybercrime and digital safety. She writes on online activity, cyber threats, and technology-driven risks. Her work focuses on clarity, accuracy, and public awareness.
