ED raids properties linked to Anil Ambani in 'fraud' case
What's the story
The Enforcement Directorate (ED) has raided several properties linked to industrialist Anil Ambani's companies in Mumbai. The action comes after the State Bank of India (SBI) flagged Reliance Communications and its promoter-director as 'fraud.' However, Ambani's personal residence was not part of the search operation.
Probe details
Probe focuses on suspected money laundering
The ED's action stems from information received from various regulatory and financial agencies, including the National Housing Bank, SEBI, NFRA, Bank of Baroda and two FIRs registered by CBI. The probe is focused on suspected money laundering by Reliance Anil Ambani Group (RAAGA) companies. Senior executives linked to Ambani's group are also being investigated as part of this larger inquiry.
Fraud allegations
Yes Bank loans under investigation
The ED has reportedly found evidence of a conspiracy to divert public money. The investigation indicates that several parties, including banks, shareholders, investors and the public at large, may have been duped. The probe is looking into the alleged illegal diversion of loans worth ₹3,000 crore from Yes Bank between 2017 and 2019. A bribery angle involving former Yes Bank promoters is also being investigated.
Financial details
SBI has huge financial exposure to RCom
SBI has a huge financial exposure to Reliance Communications. This includes a fund-based principal amount of ₹2,227.64 crore along with interest and dues since August 26, 2016. The bank also has non-fund-based exposure through bank guarantees worth ₹786.52 crore. RCom is already under the Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code, 2016.
Insolvency actions
SBI declared Ambani as 'fraud' on June 13
On June 13, 2025, SBI declared Ambani and his company RCom as 'fraud' under RBI guidelines on fraud risk management. The bank has also initiated personal insolvency proceedings against Ambani under the same law. This case is also pending before the NCLT in Mumbai.