First Arrest Made In Ongoing Probe Into Anil Ambani Group Companies

In a significant development linked to the money laundering probe involving the Anil Ambani Group of companies, the Enforcement Directorate (ED) has made its first arrest. The agency detained Partha Sarathi Biswal, Managing Director of Bhubaneswar-based M/s Biswal Tradelink Pvt. Ltd. (BTPL), on August 1, 2025, under the Prevention of Money Laundering Act (PMLA).

The arrest is based on FIR No. 131/2024 registered by the Economic Offences Wing (EOW) of Delhi Police against BTPL, its directors, and others for allegedly providing a fake bank guarantee that was submitted to the Solar Energy Corporation of India (SECI).

Alongside this, the ED has summoned Reliance Group Chairman Anil Ambani for questioning on August 5 in connection with alleged loan fraud and money laundering by his group companies. Ambani, 66, has been asked to appear at the ED headquarters in Delhi, where his statement will be recorded under PMLA.

The summons follow extensive searches by the ED between July 24-26, covering over 35 premises in Mumbai linked to 50 companies and 25 individuals, including several executives of Anil Ambani’s business group. The probe is centred around alleged loan diversion exceeding Rs 10,000 crore, including about Rs 3,000 crore granted by Yes Bank to Ambani’s companies between 2017 and 2019.

Also Read: TCS Skips Key Labour Ministry Meet on Onboarding Delays

According to ED sources, the investigation has uncovered suspected irregularities in Yes Bank loan approvals, including "back-dated credit approval memorandums, loans to weak entities without due diligence, and shell companies with common addresses and directors." The agency is also examining alleged quid pro quo arrangements between Yes Bank promoters and the Ambani Group.

Reliance Power and Reliance Infrastructure, two group companies, said in stock exchange filings that while they acknowledge the ED’s action, it has had “absolutely no impact” on their business or financial performance. They also stated, “The media reports appear to pertain to allegations concerning transactions of Reliance Communications Limited (RCOM) or Reliance Home Finance Limited (RHFL) which are over 10 years old.”

ED’s probe is based on CBI FIRs and reports from regulatory and financial bodies including SEBI, the National Housing Bank, NFRA, and Bank of Baroda. These reports suggest a “well-planned scheme” to siphon public funds by cheating banks, shareholders, and investors.

The Union government recently told Parliament that State Bank of India (SBI) had classified RCOM and Anil Ambani as "fraud" and was preparing to file a CBI complaint. Additionally, a Rs 1,050 crore loan fraud between RCOM and Canara Bank is under investigation, along with alleged undisclosed foreign bank accounts and assets linked to Ambani.

The ED is also probing Reliance Mutual Fund’s Rs 2,850 crore investment in high-risk AT-1 bonds, suspecting a quid pro quo. Furthermore, an alleged Rs 10,000 crore loan diversion involving Reliance Infrastructure is being examined.

Reliance Power and Reliance Infrastructure clarified that Anil Ambani is not on their boards and has “no business or financial linkage” with RCOM or RHFL, adding that any action against those companies “has no bearing” on their governance or operations.

With Biswal’s arrest marking the first in this widening probe, the ED is expected to intensify its investigation when Anil Ambani appears before the agency next week.