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Anil Ambani

Anil Ambani's Reliance Group has been under constant scrutiny for the past few months as several banks, including State Bank of India (SBI) and Yes Bank, have classified its loan accounts as 'fraud' due to misbehavior and misappropriation of funds. The Enforcement Directorate i.e. ED and the Central Bureau of Investigation (CBI) sought information from banks to search Ambani's locations in connection with the loan fraud and recently ED raided more than 40 locations of Anil Ambani and seized his assets worth Rs 3000 crore. Let us tell you in detail about all the incidents from Anil Ambani's fraud to investigation.

SEBI banned

Ambani's business troubles began in August 2024, when the Securities and Exchange Board of India, or SEBI, banned 24 of his companies from the stock market for five years, as SEBI termed it a 'fraudulent scheme' which led to the misappropriation of funds from Reliance Home Finance (RHFL) five years earlier. SEBI also imposed a fine of Rs 25 crore on Anil Ambani, barring him from holding a key position in any listed company or market-related institution for five years.

What is the Rs 17,000 crore loan scam?

Three companies of Reliance Group are being investigated for money laundering on Anil Ambani's Reliance Group. It focuses on irregularities in loans worth about Rs 17,000 crore given to Reliance Home Finance Limited (RHFL), Reliance Commercial Finance Limited (RCFL) and Reliance Communications (RCom). According to the ET report, as per ED data, RHFL owes Rs 5,901 crore, RCFL owes Rs 8,226 crore and RCom owes around Rs 4,105 crore. Yes Bank, SBI, UCO Bank, Axis Bank, ICICI Bank, HDFC Bank, Bank of India and Punjab and Sindh Bank are involved in this fraud. Former Yes Bank promoter Rana Kapoor was accused of financial fraud in 2020.

Canara Bank and Reliance

In November 2024, Canara Bank declared the loan accounts of Anil Ambani's defunct telecom company Reliance Com and its units as fraud for misappropriation of Rs 1050 crore taken from the bank in 2017. This amount was given to purchase machinery and equipment and to repay old loans. The bank said, after taking the loan, the company did not follow the prescribed rules and defaulted in payment. In July 2025, the bank changed its decision and removed these accounts from the fraud category.

SBI and Reliance Group

In June 2025, SBI declared Reliance Communications and its director Anil Ambani as fraudsters and initiated the process of filing a complaint with CBI. SBI's total exposure to Reliance Communications was Rs 3,014 crore, which included loan, interest and guarantee amount.

Bank of India and Reliance

In August 2025, Bank of India (BOI) declared the loan accounts of Anil Ambani, RCom and Reliance Telecom as fraud. The bank said that these companies did not repay the total loan of Rs 724.78 crore.

Central Bank of India

In September 2025, the Central Bank of India sent a notice to Reliance Communications asking why the company's account should not be declared fraudulent. The bank said that a loan of Rs 400 crore was not repaid, which included the loans of Reliance Communications and Reliance Telecom.

Bank of Baroda and Reliance Group

In September 2025, Bank of Baroda also declared the accounts of RCom and Anil Ambani as fraud. The bank said that there was misuse of borrowed funds, unauthorized transactions and wrongful transfer of funds within the company. The total loan was Rs 2,463 crore, of which Rs 1,656 crore was outstanding at the end of August.

ED's intervention

In July 2025, ED raided 35 places linked to Reliance Anil Ambani Group (ADAG). These places belonged to 50 companies and 25 people, which included many officials of Reliance Group. The ED said Biswal Tradelink Pvt Ltd (BTPL) created several secret bank accounts and carried out fraudulent transactions using dummy directors. Odisha businessman Partha Sarathi Biswal was also arrested. According to ED, he had taken Rs 5.40 crore from Reliance Power Limited in exchange for fake bank guarantee. In August 2025, ED interrogated Anil Ambani for 10 hours.

CBI action

On August 21, CBI filed a case against RCom, Anil Ambani and others for causing a loss of Rs 2,929.05 crore to SBI. CBI searched his house and office. The investigation said that due to Rana Kapoor's unilateral decision, Yes Bank suffered a loss of more than Rs 2,700 crore. Yes Bank had invested Rs 5,010 crore in Anil Ambani group companies between 2017 and 2019.

recent developments

On October 11, a Delhi court sent Ashok Kumar Pal, a senior Reliance Power official and close to Anil Ambani, to two days' ED custody. He was arrested in a case related to fake bank guarantee and fake challan. The ED alleged that they deposited fake bank guarantees worth more than Rs 68 crore and prepared fake documents by creating fake emails in the names of banks like SBI, Indian Bank, PNB and Union Bank.