Anil Ambani Reaches ED Office in Massive Rs 17,000 Crore Loan Fraud Case: Watch Video

Reliance Group chairman Anil Ambani on Tuesday reached the Enforcement Directorate (ED) headquarters in Delhi for questioning in connection with the ongoing Rs 17,000 crore loan fraud and money laundering case.

His appearance follows a summons issued by the agency on August 1, after extensive raids and the first arrest in the case. 

First Arrest Made in Case: Fake Bank Guarantee Unearthed
On August 2, the ED arrested Partha Sarathi Biswal, Managing Director of Bhubaneswar-based Biswal Tradelink Pvt. Ltd. (BTPL), for allegedly issuing a fake bank guarantee submitted to the Solar Energy Corporation of India (SECI). The arrest stems from an FIR by the Economic Offences Wing (EOW) of Delhi Police and marks the first in this widening case.

Raids at 35 Locations, 50 Firms Under Scanner
The ED recently conducted three-day search operations (July 24–26) across over 35 locations in Mumbai and elsewhere, targeting 50 companies and 25 individuals, including top executives from Anil Ambani’s Reliance ADA Group. Seized materials include documents and computer equipment critical to tracing financial flows.

Yes Bank Loan Diversions and “Evergreening” Strategy
According to ED officials, the fraud stems from irregularities in Yes Bank loans granted to Ambani-linked companies. These include backdated approval letters, lack of due diligence, and loans to firms with weak financials or shared directors and addresses, many of which appear to be shell entities.
 

The probe suggests a pattern of "evergreening" loans, where new disbursals were allegedly used to repay earlier dues, thereby masking defaults and inflating asset quality.

Regulators Raised Multiple Red Flags
The ED’s actions are supported by FIRs filed by the Central Bureau of Investigation (CBI) and alerts from SEBI, Bank of Baroda, National Housing Bank, and the National Financial Reporting Authority (NFRA). These bodies flagged irregularities in lending practices to RAAGA companies under the Reliance ADA Group.

Investigators also found questionable documents, including missing credit assessments and suspicious fund transfers between group entities.
 
Read More - First Arrest Made In Ongoing Probe Into Anil Ambani Group Companies