ED cracks down on Reliance Anil Ambani Group: ₹1,885cr assets seized in major bank fraud probe
Big news in the finance world—India's Enforcement Directorate (ED) has provisionally attached assets worth ₹1,885 crore from companies tied to the Reliance Anil Ambani Group.
The move comes after allegations that Reliance Communications and its group companies rerouted about ₹26,200 crore from huge loans availed from 2010-2012 onwards, using tricks like loan evergreening and sending money to connected parties.
How banks and Yes Bank got pulled in
Turns out, nine banks have declared the loan accounts of Reliance Communications and its group companies as fraudulent.
Yes Bank alone invested thousands of crores into two group firms, but by late 2019 those investments had gone bad.
The ED alleged that public funds of more than ₹11,000 crore were routed indirectly via Yes Bank to dodge SEBI rules.
This crackdown isn't just about cash—it includes shares in power companies, bank balances, properties, and more.
With this latest move, total attached assets now top ₹12,000 crore as investigators keep digging into one of India's biggest corporate fraud cases.