ED summons top executives of Anil Ambani Group

• ED summons Reliance ADAG executives, including Anil Ambani, for money laundering probe.
• Allegations involve Rs 3,000 crore in loan diversion and fraudulent bank guarantees.
• Nationwide raids on 35 locations reveal irregular lending practices across 50 companies.

The Enforcement Directorate (ED) has summoned top executives of the Reliance Anil Dhirubhai Ambani Group (ADAG) in connection with a large-scale money laundering investigation involving alleged loan diversion, bank fraud, and shell companies.

According to sources, senior executives including Amitabh Jhunjhunwala and Sateesh Seth have been called in for questioning. Anil Ambani, Chairman of the group, has also been summoned and is expected to appear before the agency on Tuesday.

This development follows the issuance of a Look Out Circular (LOC) last week against Ambani, preventing him from leaving the country.

Nationwide Raids and Rs 3,000 Crore Loan Diversion Allegation

On 24 July 2025, the ED conducted searches across 35 locations, covering over 50 companies and 25 individuals, as part of its probe into alleged illegal loan diversions from Yes Bank between 2017 and 2019. “There was a well-planned and thought-out scheme to siphon off public money by cheating banks, shareholders, investors, and public institutions,” an ED official stated.

The agency claims that around Rs 3,000 crore worth of loans from Yes Bank were misappropriated and routed through group entities and shell companies, violating loan covenants. It alleges that Yes Bank promoters received payments in connected entities shortly before disbursing loans to ADAG companies.

Red Flags in Lending Practices

The ED flagged several irregularities:

• Loans given to financially weak entities without due diligence
  
  
• Common addresses and directors across borrowers
  
  
• Loans disbursed on the same day as application or even before sanction
  
  
• Evergreening of loans and onward lending
  
  
• Misrepresentation of financials
  
  

It has also written to over 36 banks requesting detailed records of their dealings with ADAG companies..

Findings from SEBI’s investigation into Reliance Home Finance Ltd (RHFL) were reportedly shared with the ED. Between FY18 and FY19, RHFL’s corporate loan book more than doubled, from Rs 3,742.60 crore to Rs 8,670.80 crore, raising concerns over expedited approvals and process violations.

Fake Bank Guarantee Scam Linked to ADAG

In a related case, the ED on 1 August 2025 arrested Partha Sarathi Biswal, MD of Biswal Tradelink Pvt Ltd (BTPL), for providing a fake Rs 68.2 crore bank guarantee to Solar Energy Corporation of India (SECI). The guarantee was allegedly submitted on behalf of Reliance NU BESS Ltd (a subsidiary of Reliance Power).

According to the ED:

• BTPL received Rs 5.40 crore from Reliance Power for facilitating the fake guarantee
  
  
• Fake email domains (e.g., s-bi.co.in impersonating SBI) were used
  
  
• BTPL’s registered office was a residential property; statutory records were missing
  
  
• At least seven undisclosed bank accounts were identified with disproportionate transactions
  
  

During ED raids on ADAG premises, documents linking BTPL and ADAG were recovered. The spoofed domain used to impersonate SBI is under probe with NIXI (National Internet Exchange of India).

Reliance Power Claims Victimhood

In November 2024, Reliance Power disclosed that it had been defrauded by a third party, and filed a criminal complaint with the Economic Offences Wing (EOW). The company and its subsidiaries were debarred by SECI for three years from participating in future tenders. “The Company and its subsidiaries acted bonafide and have been a victim of fraud, forgery, and cheating conspiracy,” Reliance Power had said in its public filing, vowing to challenge SECI’s decision legally.

The ED is expected to continue summoning bank officials in the coming days. With the scope of investigation widening across multiple group entities and layers of financial transactions, further arrests and disclosures may follow.