Reliance Group under fresh scrutiny in ₹40,000cr bank fraud
Anil Ambani's Reliance Group is under fresh scrutiny after the Ministry of Corporate Affairs found signs of serious fund diversion.
The case, already being looked at by the ED, CBI, and SEBI, has now been handed to the Serious Fraud Investigation Office (SFIO) for a deeper look into possible violations of company law.
SFIO to look into fund movement within group
The SFIO will dig into how money moved within Reliance companies and whether top management played a role.
Recently, the ED froze nearly ₹7,500 crore in assets tied to a massive bank fraud case involving multiple Reliance Group firms, including Reliance Infrastructure and Reliance Communications (RCOM).
Five banks have called out ₹40,185 crore in loans as fraudulent—investigators think around ₹13,600 crore was shuffled through tricky transactions just to pay off old debts.
It's another blow for the group, which is already struggling with insolvency issues.