ED Seizes Documents, Evidence in Bank Scam Probe Linked to Anil Ambani Group Firm

The Enforcement Directorate (ED) has seized fresh evidence during searches at a company allegedly linked to the Reliance Anil Ambani Group (RAAG) as part of its ongoing money laundering investigation into the alleged diversion of thousands of crores of public funds from Reliance Home Finance Limited (RHFL) and Reliance Commercial Finance Limited (RCFL).

According to an official statement issued on Wednesday, the searches were conducted on Tuesday at the premises of M/s E-Complex Private Limited and the residence of one of its directors.

Documents, property records seized

The ED said it recovered incriminating documents, records relating to immovable properties and other evidentiary material allegedly linked to suspicious financial transactions and assets beneficially owned or controlled by the Reliance Anil Ambani Group.

The agency said the material forms part of its investigation into an alleged bank fraud and money laundering case.

ED alleges diversion of public funds

According to the ED, its investigation has so far found that public funds amounting to thousands of crores of rupees, raised by RHFL and RCFL, were allegedly diverted through a network of shell companies and group entities controlled and managed by the Reliance Anil Ambani Group.

The agency alleged that corporate loans were sanctioned to these entities without adequate due diligence, proper documentation or assessment of creditworthiness, in violation of prudent lending norms.
It further claimed that many of the beneficiary entities lacked genuine business operations, were financially weak and had little or no capacity to repay the loans.

Shell companies allegedly controlled by group officials

The ED alleged that directors of several shell companies were employees or close associates of the Reliance Anil Ambani Group and acted under instructions from senior management.

According to the agency, bank accounts and books of these entities were operated by officials of group companies, including Reliance Infrastructure Limited, Reliance Power Limited and Reliance Capital Limited, indicating effective control over the shell entities.

₹15,548 crore proceeds of crime quantified

The ED said it filed a prosecution complaint before the Special Court under the Prevention of Money Laundering Act (PMLA) on June 12, 2026.

According to the agency, it has quantified the alleged proceeds of crime at ₹15,548 crore.

Properties worth ₹4,510 crore have been attached under the PMLA so far, of which assets valued at ₹3,926 crore have been confirmed by the Adjudicating Authority.

Former executives in judicial custody

The agency also noted that it had arrested Amitabh Jhunjhunwala, former Director of Reliance Capital Limited, and Amit Bapna, former Chief Financial Officer of Reliance Capital Limited, on April 15, 2026, alleging their involvement in the diversion of funds from RHFL and RCFL.

Both are currently in judicial custody.

The ED said the investigation originated from multiple FIRs registered by the Central Bureau of Investigation (CBI) following complaints lodged by a consortium of banks, including Yes Bank, State Bank of India, Bank of Baroda, Canara Bank, Punjab National Bank, Union Bank of India and several others.

Further investigation is continuing.