The Enforcement Directorate has provisionally frozen assets worth ₹1,120 crore in an alleged fraud case involving Reliance Home Finance, Reliance Commercial Finance Limited and Yes Bank, according to agency sources.
The attached assets include more than 18 properties, fixed deposits, bank balance and stake in unlisted investments allegedly of Anil Ambani’s Reliance group.
The list includes seven properties of Reliance Infrastructure Limited, two of Reliance Power Limited, nine of Reliance Value Service Private Limited, fixed deposits in the name of Reliance Value Service Private Limited, Reliance Venture Asset Management Private Limited, Phi Management Solutions Private Limited, Adhar Property Consultancy Pvt Ltd:, Gamesa Investment Management Private Limited and other investment funds in Reliance Management unquoted Solutions Private Limited, the source said.
The ED had earlier attached properties worth over ₹8,997 crore in cases of alleged bank fraud by Reliance Communications Limited (RCom), Reliance Commercial Finance and Reliance Home Finance. Therefore, the cumulative bond relating to the group has now reached ₹ 10,117 crore.
The ED claimed to have detected fraudulent diversion of public money by various Reliance Anil Ambani group companies, including Reliance Communications, Reliance Home Finance Limited (RHFL), Reliance Commercial Finance Limited (RCFL), Reliance Infrastructure Limited (RIL) and Reliance Power Ltd (RHFL).
“During 2017-2019, Yes Bank invested ₹2,965 crore in RHFL instruments and ₹2,045 crore in RCFL instruments. By December 2019, these investments became non-performing investments. The balance was ₹1,353.50 crore for RHFL. In the case of RHFL and RCFL, it reveals that RHFL and RCFL received public funds of more than ₹11,000 crore,” he said.
The agency further alleged that before Yes Bank invested money in Anil Ambani’s Reliance group companies, it received huge funds from the former Reliance Nippon mutual fund. As per the Securities and Exchange Board of India (SEBI) regulations, Reliance Nippon Mutual Fund could not invest/redirect funds directly to Anil Ambani group financial companies due to conflict of interest rules.
“Hence, public money in mutual fund schemes was channeled indirectly by them. The route was through Yes Bank exposures. Public funds reached Anil Ambani group companies through a circuitous route,” it claimed.
The ED has also started an investigation based on a first information report registered by the Central Bureau of Investigation against RCom, Mr. Ambani and others. As stated, RCom and its group companies have raised loans from domestic and foreign lenders since 2010-2012, totaling Rs 40,185 crore, it is alleged.
Nine banks reported the group’s credit accounts as alleged fraud. “The ED investigation revealed that loans received by one entity from one bank were used to repay loans received by other entities from other banks, transfers to related persons and investments in mutual funds, which was against the terms of the loan sanction letter,” the agency said.
IRCom and its group companies allegedly diverted more than ₹13,600 crore to “evergreening” loans; over ₹12,600 crore was “diverted to related parties” and over ₹1,800 crore was invested in fixed deposits, mutual funds, etc., “which was essentially liquidated due to diversion to group entities”.
“Huge misuse of bill discounting to shift funds to related parties was also revealed by the ED. Some loans were siphoned off outside India through foreign transfers,” the agency alleged.
Published – 05 Dec 2025 10:18 IST
