Will ED Raid On Anil Ambani’s Companies Impact Reliance Power & Reliance Infra? Here’s What Companies Said

The Enforcement Directorate (ED) on Thursday conducted a large-scale search operation across 35 premises, targeting 50 companies and over 25 individuals in connection with an alleged Rs 3,000 crore money laundering case involving the Reliance Anil Dhirubhai Ambani Group (RAAGA Companies), official sources told ANI.

The operation is part of a wider investigation that began after the Central Bureau of Investigation (CBI) filed a First Information Report (FIR) against RAAGA companies. The ED is probing allegations of loan fraud, bribery, and financial misappropriation involving Yes Bank loans between 2017 and 2019.

According to ED officials, the investigation reveals a well-planned scheme to syphon off public funds by cheating banks, investors, shareholders, and financial institutions. “The offence of bribing bank officials, including the promoter of Yes Bank Limited, is also under the scanner,” officials told ANI.

Also Read: ED Conducts Raids at Business Entities Connected To Anil Ambani

Loans Diverted, Rules Flouted

The Enforcement Directorate (ED) found several problems in how Yes Bank gave loans to RAAGA companies. Some loans were approved through back-dated documents and without proper credit checks or thorough review.

In many cases, funds were moved to related companies and shell entities, and some loans were even given on or before the loan application date.

There was also evergreening of loans and false financial reporting. Additionally, many of the borrowing companies had the same directors and addresses, which raised concerns about their legitimacy.

RHFL Spike Under SEBI and ED Scanner

The ED is also examining transactions of Reliance Home Finance Limited (RHFL), after the Securities and Exchange Board of India (SEBI) flagged a dramatic jump in corporate loans — from Rs 3,742.60 crore in FY 2017–18 to Rs 8,670.80 crore in FY 2018–19.

Officials said this rapid expansion came with irregular approvals, process deviations, and other possible illegalities, which now form a key part of the broader probe.

Reliance Infrastructure & Reliance Power Issue Clarifications

In response to media reports linking group companies to the ED investigation, Reliance Infrastructure and Reliance Power have both issued official statements denying any involvement or impact.

Reliance Infrastructure said the enforcement action has "absolutely no impact on its business operations, financial performance, or stakeholders." The company clarified that it is a separate and independent listed entity with no financial or business linkage to either RCOM or RHFL.

It also pointed out that Anil Ambani is not on the Board of Reliance Infrastructure and that the matters under investigation are over a decade old, with RCOM already undergoing insolvency proceedings and RHFL resolved by the Supreme Court.

Similarly, Reliance Power stated that it is not connected to the transactions under scrutiny and that its business remains unaffected. It emphasised that Anil Ambani does not hold a board position and that the company is committed to its growth plans and creating value for its shareholders.

Reliance Group Calls ED Probe “Outdated”

Sources close to the Reliance Group have dismissed recent media reports about Enforcement Directorate (ED) actions against the group as “misleading” and based on decade-old transactions. “These reports appear to pertain to allegations related to Yes Bank and Reliance Home Finance Ltd. (RHFL) that are over eight years old,” a source said.

On the ED’s claim of Rs 3,000 crore loan diversion through Yes Bank between 2017 and 2019, the source stated, “Loans from RHFL to companies linked to Yes Bank promoters were sanctioned on merit, fully secured, and entirely repaid with interest. The sanction process involved a 30-member credit committee.”

Addressing allegations of backdated loan approvals and diversion of funds, the source clarified, “Yes Bank’s loans to Reliance entities were granted after due diligence and were in line with all legal and regulatory norms. These were routine business transactions, not irregularities.”

Regarding the ED’s focus on RHFL’s increased corporate loan book, sources pointed out that similar concerns were already addressed in a SEBI order from August 2024.

“That SEBI order has been legally challenged and is pending before the Securities Appellate Tribunal (SAT),” the source added, calling the matter sub-judice. The group also noted that RHFL’s debt resolution process was concluded with Supreme Court backing in March 2023.

On SBI classifying Reliance Communications (RCOM) as a “fraud” account, sources strongly objected, “SBI denied Anil Ambani a personal hearing and failed to provide the forensic audit documents. Similar allegations were dropped against others, but not him, violating natural justice.”

Sources highlighted that Canara Bank, part of the lenders’ consortium, withdrew its “fraud” classification of RCOM on July 10, 2025, in the Bombay High Court.

Finally, they clarified, “RCOM and RHFL are no longer part of the Reliance Group. Ambani resigned from RCOM in 2019 and holds no board positions in any current Reliance Group entity.”

Today, only two companies—Reliance Infrastructure Ltd. and Reliance Power Ltd.—are listed under the Reliance Group. “These investigations have zero impact on the business operations, financial health, or stakeholders of any ongoing Reliance Group companies,” the source concluded.

What Lies Ahead

While Anil Ambani has not been formally named in the ED’s charges yet, the widening probe into his group’s past financial activities, especially through shell companies and questionable loans, puts his business empire under serious scrutiny.

With inputs from multiple regulators, including the National Housing Bank, SEBI, NFRA, and Bank of Baroda, the investigation could potentially evolve into one of India’s largest financial fraud cases.

The coming weeks may see summons, asset attachments, or more raids, as enforcement agencies piece together the full scale of the alleged scam.