The Enforcement Directorate (ED) on Wednesday provisionally attached ₹1,885 crore worth of additional assets linked to companies of the Reliance Anil Ambani Group, taking the total value of assets seized so far in related cases to nearly ₹12,000 crore. The action is part of an ongoing probe into alleged bank loan fraud, money laundering and diversion of public funds involving multiple group entities.
According to the ED, the latest attachments were carried out through four separate provisional attachment orders in cases connected with Reliance Home Finance Limited (RHFL), Reliance Commercial Finance Limited (RCFL), Yes Bank, and Reliance Communications Limited (RCom). The agency has alleged that public money was fraudulently siphoned off through a complex web of financial transactions involving these companies.
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Among the assets attached is the shareholding of Reliance Infrastructure Limited in BSES Yamuna Power Limited, BSES Rajdhani Power Limited, and Mumbai Metro One Private Limited. The ED has also provisionally attached bank balances worth ₹148 crore, receivables amounting to ₹143 crore, and other financial assets linked to group entities. In addition, a residential property and investments in shares and mutual funds held in the names of two senior Reliance Group employees have been brought under attachment.
The agency noted that these fresh seizures come on top of ₹10,117 crore worth of assets already attached earlier in connection with the same set of investigations. Those earlier attachments included immovable properties, bank balances, fixed deposits and shareholdings across multiple group companies. In December 2025, the ED had also provisionally attached assets worth around ₹1,120 crore as part of the widening probe.
Yes Bank investments under scanner
The ED said its investigation has identified Yes Bank’s investments between 2017 and 2019 as a critical link in the alleged diversion of funds. During this period, Yes Bank invested approximately ₹2,965 crore in financial instruments of RHFL and about ₹2,045 crore in RCFL. By December 2019, these investments had turned non-performing.
At that point, the outstanding exposure stood at around ₹1,353.50 crore for RHFL and ₹1,984 crore for RCFL, the agency said. According to the ED, RHFL and RCFL together received over ₹11,000 crore in public funds, which were allegedly routed to other Reliance group entities instead of being used for their stated business purposes.
The agency further alleged that prior to Yes Bank’s investments, large sums of money had flowed from Reliance Nippon Mutual Fund. However, regulatory restrictions prevented the mutual fund from directly investing in Anil Ambani group finance companies due to conflict-of-interest norms. As a result, the ED claimed, public money was allegedly routed through a circuitous route using Yes Bank exposures before reaching the group companies.
Loans, diversion and ‘evergreening’
The ED has also flagged large-scale borrowing by RCom and its group companies from both domestic and foreign lenders starting around 2010-12. It said loans amounting to approximately ₹40,185 crore remain outstanding. According to the agency, nine banks have classified certain loan accounts of the group as fraudulent.
Investigators have alleged that around ₹13,600 crore was diverted for evergreening of loans, while more than ₹12,600 crore was transferred to connected or related parties. The ED also claimed that over ₹1,800 crore was parked in fixed deposits, mutual funds and other investments, rather than being deployed for legitimate business operations.
What lies ahead
The ED clarified that the attachments are provisional in nature and subject to confirmation by the adjudicating authority. The investigation is continuing, with further scrutiny of financial transactions and fund flows underway.
The action is expected to have a significant bearing on the group’s financial position and has also drawn attention within the banking and investment community, given the scale of the alleged irregularities and the amount of public money involved.
About the author – Ayesha Aayat is a law student and contributor covering cybercrime, online frauds, and digital safety concerns. Her writing aims to raise awareness about evolving cyber threats and legal responses.
