ED Raids Anil Ambani-Linked Properties in Delhi & Mumbai Over ₹3,000 Cr Money Laundering, Fraud Allegations

New Delhi (India) July 24: The Enforcement Directorate (ED) is searching multiple locations connected to corporate entities owned by Mumbai industrialist Anil Ambani on Thursday. This happens only a few days after the State Bank of India (SBI) labels Reliance Communications and its promoter-director Anil D. Ambani as a "fraud”.

ED raids in Delhi and Mumbai

The Delhi and Mumbai ED teams are searching locations connected to some of Ambani's group companies. But they did not examine his personal home. The cause of the investigation is the alleged money laundering by RAAGA (Reliance Anil Ambani Group).

As part of the broader investigation, senior business executives connected to Anil Ambani's group are also being searched. The ED says it has discovered proof of a deliberate conspiracy to embezzle public funds. 

According to reports, a number of organisations, including banks, investors, shareholders and government agencies, might have been deceived during the process.

₹3,000 crore loan under scanner

The investigation focuses on an alleged unlawful diversion of Rs 3,000 crore. They were taken in loans from Yes Bank between 2017 and 2019. 

ED officials claim that just before the loans being given to the group companies, money was moved to organisations connected to the bank's promoters.

The ED has received information from authorities regarding Reliance Home Finance Ltd (RHFL). The sudden increase in corporate loan disbursals from Rs 3,742.60 crore in FY 2017–18 to Rs 8,670.80 crore in FY 2018–19 is one significant alert that has been brought to light.

The investigation also looks into a bribery connection including former Yes Bank promoters.

Multiple agencies involved

A number of financial and regulatory organisations, including the National Housing Bank, the Securities and Exchange Board of India (Sebi), the National Financial Reporting Authority (NFRA), Bank of Baroda and two FIRs submitted by the Central Bureau of Investigation (CBI) provides input that informed the ED's decision.

This recent ED action comes after SBI recently declares Anil Ambani and his business Reliance Communications (RCom) to be "fraudulent." 

SBI charges the company and its promoter on June 13, 2025, according to its internal policy. They also charge him with the Reserve Bank of India's guidelines on fraud risk management.

Pankaj Chaudhary, the Minister of State for Finance, tells the Lok Sabha that on June 24, 2025 that SBI had notified the RBI of the issue. The bank is currently getting ready to submit a formal complaint to the CBI.

According to the 2016 Insolvency and Bankruptcy Code, RCom is already covered by the Corporate Insolvency Resolution Process (CIRP). On March 6, 2020, the Committee of Creditors accepted a resolution plan. This was then submitted to the National Company Law Tribunal (NCLT) in Mumbai. The NCLT has not yet made a final decision.

Under the same law, SBI has initiated personal insolvency procedures against Anil Ambani. The NCLT in Mumbai is also hearing this case.

Aadrika Tayal