ED Raids Anil Ambani-Linked Properties in Mumbai Over ₹3,000 Cr Loan Fraud
ED Raids Anil Ambani-Linked Properties in Mumbai Over ₹3,000 Cr Loan Fraud
Mumbai, July 24, 2025: The Enforcement Directorate (ED) launched a sweeping crackdown across Mumbai on Thursday, targeting properties and companies associated with industrialist Anil Ambani. The raids, conducted under the Prevention of Money Laundering Act (PMLA), come in the wake of State Bank of India (SBI) officially classifying Ambani and his company Reliance Communications (RCom) as “fraudulent accounts.”
According to sources within the agency, the operation spans over 35 premises linked to Ambani, including offices of 50 associated firms and more than 25 individuals. The ED’s action follows an FIR registered by the Central Bureau of Investigation (CBI) and involves multiple agencies, including the National Housing Bank, Securities and Exchange Board of India (SEBI), National Financial Reporting Authority (NFRA), and Bank of Baroda, which have shared key evidence with investigators.
Sources say the preliminary investigation uncovered an elaborate scheme to misappropriate public funds. “Our findings so far point to a deliberate and organized plan to deceive banks, investors, shareholders, and public institutions,” an ED official said. One of the key allegations under scrutiny is the suspected bribing of bank officials, including the former promoters of Yes Bank, to secure and divert loans unlawfully.
A central component of the probe involves suspected loan irregularities amounting to approximately ₹3,000 crore sanctioned by Yes Bank between 2017 and 2019. The ED has reportedly traced back transactions indicating that bribes may have been transferred to Yes Bank promoters shortly before these loans were issued. Investigators also discovered that internal banking documents such as Credit Approval Memorandums (CAMs) were allegedly backdated, and several investment decisions were made without proper credit assessments—clear violations of Yes Bank’s own credit policy.
As part of the ongoing raids, ED teams are examining financial records, digital evidence, and documents tied to the RAAGA companies—entities under the Reliance Anil Dhirubhai Ambani Group (ADAG).
SBI Labels Anil Ambani and RCom as ‘Fraudulent’
Just days before the ED operation, SBI had formally designated Reliance Communications and its director Anil Ambani as “fraudulent” accounts. The announcement was made public through a written response by Minister of State for Finance, Pankaj Chaudhary, in the Lok Sabha.
According to the ministry, the fraud classification was made on June 13, 2025, in line with the Reserve Bank of India’s guidelines on fraud risk management. On June 24, SBI reported the matter to the RBI and is in the process of filing an official complaint with the CBI.
Further, the resolution professional (RP) handling Reliance Communications’ insolvency proceedings informed the Bombay Stock Exchange (BSE) on July 1, confirming the fraud classification in compliance with regulatory norms.
SBI’s total exposure to Reliance Communications includes a fund-based outstanding principal of ₹2,227.64 crore, along with accumulated interest and charges since August 26, 2016. Additionally, the bank has a non-fund-based exposure via bank guarantees worth ₹786.52 crore.
The ED’s ongoing probe could have wide-reaching implications, not just for Anil Ambani’s financial empire but also for the broader regulatory framework overseeing corporate fraud. With multiple agencies now actively involved, the spotlight intensifies on one of India’s most high-profile corporate investigations in recent years.
