New Delhi: The investigation into the alleged diversion of funds from companies belonging to the Anil Ambani-led Reliance Group has widened, with the Serious Fraud Investigation Office (SFIO) examining the financial dealings of the Mandke Foundation, the charitable trust that manages Mumbai’s Kokilaben Dhirubhai Ambani Hospital and Medical Research Institute. As part of the ongoing probe, SFIO has summoned foundation director Tina Ambani and former director Jai Anshul Ambani to provide information and documents relating to the foundation’s financial transactions with Reliance Group companies under investigation.
The development comes amid multiple investigations involving Reliance Home Finance Limited (RHFL) and Reliance Communications (RCom). While the Central Bureau of Investigation (CBI) and the Enforcement Directorate (ED) are investigating alleged bank fraud, diversion of loan funds, and money laundering involving the Reliance Group, the Ministry of Corporate Affairs had separately directed the SFIO to investigate the affairs of RHFL and related entities under Section 212 of the Companies Act in the public interest.
According to court proceedings, the SFIO issued a notice to the Mandke Foundation on April 11, 2026, directing it to submit bank statements, financial records, and details of transactions conducted between the financial years 2008-09 and 2025-26. The agency stated that its analysis of bank transactions and financial statements of the companies under investigation indicated that the foundation had directly or indirectly entered into financial transactions with Reliance Home Finance and other companies under scrutiny.
The foundation subsequently approached the Delhi High Court seeking copies of the Ministry of Corporate Affairs’ orders authorising the SFIO investigation. However, the High Court dismissed the plea, observing that the investigation remains at a preliminary stage and that the SFIO was legally empowered to seek information under Section 217 of the Companies Act. The Court noted that the notice itself adequately explained why the foundation’s records had been sought and held that the petitioner could not claim ignorance regarding the nature of the investigation.
Court records indicate that although the Mandke Foundation expressed its willingness to cooperate and requested additional time to compile the requested records, it did not furnish the documents by the stipulated deadline. Following the delay, the SFIO issued summons to Tina Ambani and Jai Anshul Ambani for examination.
Separately, the CBI continues its investigation into alleged financial irregularities involving Reliance Home Finance, where investigators allege that thousands of crores borrowed from a consortium of banks were diverted through intermediary entities, causing an alleged loss of ₹3,526 crore. In another case, the agency has filed chargesheets in connection with Reliance Communications, alleging losses of approximately ₹19,694 crore to lending banks. The Enforcement Directorate is also pursuing parallel money laundering investigations and has already arrested several former senior executives associated with the Reliance Group.
Authorities have clarified that the SFIO inquiry into the Mandke Foundation is intended to examine financial transactions linked to companies already under investigation. The proceedings remain ongoing, and no findings of wrongdoing have been recorded against the foundation or the individuals summoned. The allegations remain subject to investigation, and all parties are entitled to due legal process.
