Anil Ambani Probe: Linked Firms Received ₹13,558 Cr From Chinese Banks

Documents accessed by the Republic indicate that companies linked to industrialist Anil Ambani received substantial funding from three major Chinese state-owned banks, with a total outstanding exposure of ₹13,558 crore.

According to the documents reviewed, the largest tranche of lending came from China Development Bank, which extended loans amounting to approximately ₹9,134 crore to Reliance ADA Group (RAAG)-linked entities.

Additionally, the Export-Import Bank of China sanctioned loans worth approximately ₹3,048 crore, while the Industrial and Commercial Bank of China extended funding of nearly ₹1,374 crore.

Combined, the exposure from the three Chinese lenders totals ₹13,558 crore. Loans from all three banks were contingent upon a Personal Guarantee. 

The funding was reportedly routed to companies associated with the Reliance ADA Group, which has faced mounting financial stress over the past several years. Several group entities have undergone insolvency proceedings, debt restructuring, or asset monetisation exercises amid liquidity constraints.

Internal documents and letters accessed from August and October 2017 confirm that the Industrial & Commercial Bank of China (ICBC) had already flagged the ₹7,932 Crore default nearly a decade ago. The first letter is dated 10 August, 2017, while the second letter is dated 13 October, 2017. Despite the account being classified as a Non-Performing Asset (NPA), Anil Ambani reportedly ignored at least five formal notices from the Chinese lenders. This paper trail effectively nullifies any defense against the "fraud" or "default" tags, as it proves that the sovereign-backed lenders had established the promoter’s personal liability for these multi-billion-dollar sums well before the current insolvency proceedings began.

Documents accessed by Republic

Documents also reveal that credit facilities extended to Reliance Communications (RCom) and Reliance Infratel (RITL) by the State Bank of India (SBI), of ₹2,929 Crore, were strictly contingent upon a Personal Guarantee executed by Ambani himself. It was finalized via a formal deed in 2016, fundamentally altering the risk profile of the lending arrangement by making the promoter personally liable for the entirety of the outstanding loan amount. Consequently, the corporate insolvency of the entities does not shield Ambani from the obligation to repay, as the personal guarantee creates a direct and irrevocable link between his personal assets and the recovery of the bank's dues.

Probe Linked to ₹40,000+ Crore Loan Defaults

The ED’s questioning also ties into an ongoing investigation into alleged financial irregularities linked to loans exceeding ₹40,000 crore, primarily involving Reliance Communications and related group entities.

At its peak, Reliance Communications had a consolidated debt burden of over ₹1.7 lakh crore before insolvency proceedings and asset monetisation efforts reduced liabilities. Multiple domestic lenders classified parts of these exposures as non-performing assets (NPAs), triggering forensic audits and fraud examinations. The ED is probing whether portions of the borrowed funds, both domestic and foreign, were diverted across group companies or layered through complex financial structures. The investigation is being conducted under the Prevention of Money Laundering Act (PMLA).

Assets Worth Over ₹15,000 Crore Under Attachment

In recent enforcement actions, the agency has provisionally attached assets exceeding ₹15,000 crore in value across different stages of the probe. This includes his Mumbai home, ‘Abode’, and other corporate-linked properties.

Search operations have reportedly been carried out at multiple locations connected to group entities and former executives. Financial records, transaction trails, and board-level approvals are understood to be part of the evidence under review.

Also read: Anil Ambani Arrives At ED Over Rs 40k Crore Money Laundering Probe