ED Attaches ₹1,885 Crore Assets Linked to Anil Ambani Group
ED provisionally attaches ₹1,885 crore assets linked to Anil Ambani Group in bank fraud cases involving Yes Bank, RCOM, RHFL and RCFL.
The Enforcement Directorate (ED) has provisionally attached assets worth ₹1,885 crore linked to companies of the Anil Ambani Group in connection with multiple bank fraud investigations, including cases related to Yes Bank, Reliance Home Finance Limited (RHFL), Reliance Commercial Finance Limited (RCFL) and Reliance Communications Limited (RCOM).
The attachments have been carried out through four separate Provisional Attachment Orders. The assets include bank balances, receivables, shareholdings in unquoted investments and immovable properties. The action forms part of ongoing investigations being conducted by the ED into alleged financial irregularities involving entities associated with Anil Ambani.
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Among the attached assets are shareholdings held by Reliance Infrastructure Limited in BSES Yamuna Power Limited, BSES Rajdhani Power Limited, and Mumbai Metro One Private Limited. Bank balances amounting to ₹148 crore and receivables worth ₹143 crore have also been provisionally attached in the case of M/s Value Corp Finance and Securities Limited.
In addition, one residential immovable property registered in the name of Angarai Sethuraman has been provisionally attached. Movable assets, including shares and mutual funds held in the name of the wife of Puneet Garg, have also been attached. Both individuals are senior employees associated with companies of the Anil Ambani Group.
This latest attachment adds to earlier actions taken by the ED, which had previously provisionally attached properties valued at over ₹10,117 crore in bank fraud cases linked to Reliance Communications Ltd, Reliance Commercial Finance Ltd, and Reliance Home Finance Ltd. With the current round of attachments, the cumulative attachment linked to the Anil Ambani Group has reached approximately ₹12,000 crore.
The cases relate to alleged diversion of public funds involving multiple Anil Ambani Group companies, including Reliance Communications Ltd, Reliance Home Finance Ltd, Reliance Commercial Finance Ltd, Reliance Infrastructure Ltd, and Reliance Power Ltd.
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The investigation also covers investments made by Yes Bank during the period 2017–2019, when the bank invested ₹2,965 crore in instruments issued by RHFL and ₹2,045 crore in instruments of RCFL. By December 2019, these investments turned non-performing. The outstanding amounts stood at ₹1,353.50 crore in the case of RHFL and ₹1,984 crore in the case of RCFL.
The investigation by ED found that RHFL and RCFL had received public funds exceeding ₹11,000 crore. Prior to Yes Bank’s investments in the Anil Ambani Group companies, the bank had received substantial inflows from the erstwhile Reliance Nippon Mutual Fund. Under SEBI conflict-of-interest regulations, the mutual fund was not permitted to directly invest in Anil Ambani Group finance companies. The funds were routed indirectly through Yes Bank’s exposure, allowing public money from mutual fund schemes to reach Anil Ambani Group companies through intermediary transactions.
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Separately, the ED has initiated investigations based on an FIR registered by the Central Bureau of Investigation (CBI) under provisions of the Indian Penal Code, 1860, and the Prevention of Corruption Act, 1989, against RCOM, Anil Ambani, and others. RCOM and its group entities had availed loans from domestic and foreign lenders from 2010–2012 onwards, with total outstanding dues amounting to ₹40,185 crore. Loan accounts of the group have been classified as fraud by nine banks.
The ED investigation has identified instances where loans availed by one entity were utilised to repay loans of other group entities, transferred to related parties, or invested in mutual funds, contrary to the terms of the loan sanction. The findings include diversion of over ₹13,600 crore towards evergreening of loans, transfers of more than ₹12,600 crore to connected parties, and investments exceeding ₹1,800 crore in fixed deposits and mutual funds, which were subsequently liquidated and rerouted. Misuse of bill discounting facilities and outward foreign remittances has also been identified, according to the ED.
The ED has stated that further investigation is ongoing as part of its action against financial crimes linked to the Anil Ambani Group.
Live Updates
- 31 Jan 2026 1:21 PM IST
ED Arrests Former RCom Director Punit Garg in Bank Fraud Probe
Update (January 30, 2026): The Enforcement Directorate (ED) has arrested Punit Garg, a former director of Reliance Communications Ltd (RCom), in connection with an ongoing money-laundering investigation linked to an alleged ₹40,000-crore bank loan fraud.
Garg was taken into custody on January 29 following a probe based on a First Information Report registered by the Central Bureau of Investigation. He was produced before a special court in New Delhi, which remanded him to ED custody for nine days.
Investigators allege that funds were diverted through overseas entities and used for asset purchases and personal expenses. The probe is ongoing.
