ED Conducts Raids on Anil Ambani-Linked Premises Following SBI’s ‘Fraud’ Declaration
The Enforcement Directorate (ED) today conducted searches at multiple locations in Mumbai linked to industrialist Anil Ambani’s group companies. The move comes days after the State Bank of India (SBI) declared Reliance Communications (RCom) and Anil D. Ambani as ‘fraud’ under RBI’s fraud risk management framework.
While Ambani’s personal residence was not searched, ED teams from Delhi and Mumbai raided offices associated with the Reliance Anil Ambani Group (RAAGA). The investigation pertains to alleged money laundering, based on inputs from several agencies including SEBI, NHB, NFRA, and Bank of Baroda, as well as two CBI FIRs.
The ED suspects illegal diversion of ₹3,000 crore in loans from Yes Bank between 2017 and 2019, with funds allegedly routed to entities connected to the bank’s promoters. Red flags have also been raised regarding sudden spikes in loan disbursals by Reliance Home Finance Ltd.
SBI had flagged RCom and its promoter as fraud on June 13, 2025, and notified RBI by June 24. The bank’s financial exposure to RCom exceeds ₹3,000 crore. RCom is already under the Corporate Insolvency Resolution Process (CIRP), with a final decision pending at the NCLT, Mumbai.
In parallel, SBI has also initiated personal insolvency proceedings against Anil Ambani. Investigations are ongoing.
