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The Enforcement Directorate has provisionally attached assets worth ₹1,120 crore in connection with an alleged fraud case involving Reliance Home Finance, Reliance Commercial Finance Limited and Yes Bank, according to agency sources.
The attached assets include more than 18 properties, fixed deposits, bank balances and shareholding in unquoted investments allegedly of the Reliance Anil Ambani Group.
The list covers seven properties of Reliance Infrastructure Limited, two of Reliance Power Limited and nine of Reliance Value Service Private Limited, as well as fixed deposits in the name of Reliance Value Service Private Limited, Reliance Venture Asset Management Private Limited, Phi Management Solutions Private Limited, Adhar Property Consultancy Private Limited and Gamesa Investment Management Private Limited. It also includes further funds in the unquoted investments of Reliance Venture Asset Management Private Limited and Phi Management Solutions Private Limited, said a source.
The ED had earlier attached properties worth over ₹8,997 crore in the alleged bank fraud cases of Reliance Communications Limited (RCom), Reliance Commercial Finance and Reliance Home Finance. The cumulative attachment related to the Group has now reached ₹10,117 crore.
The ED alleged that it has detected fraudulent diversion of public money by various Reliance Anil Ambani Group companies including Reliance Communications, Reliance Home Finance Limited (RHFL), Reliance Commercial Finance Limited (RCFL), Reliance Infrastructure Limited and Reliance Power Limited.
“During 2017-2019, Yes Bank invested ₹2,965 crore in RHFL instruments and ₹2,045 crore in RCFL instruments. By December 2019, these became non-performing investments. The outstanding was ₹1,353.50 crore for RHFL and ₹1,984 crore for RCFL. ED’s investigation in the case of RHFL and RCFL reveals that RHFL and RCFL received public funds of more than ₹11,000 crore,” it alleged.
The agency further alleged that before Yes Bank invested the money in Reliance Anil Ambani Group companies, it had received large sums from the erstwhile Reliance Nippon Mutual Fund. As per the Securities and Exchange Board of India regulations, Reliance Nippon Mutual Fund could not invest or divert funds directly into Anil Ambani Group finance companies due to conflict-of-interest rules.
“Therefore, public money in mutual fund schemes was routed indirectly by them. The path ran through Yes Bank’s exposures. The public funds reached Anil Ambani Group companies through circuitous route,” it alleged.
The ED has also initiated investigation based on a First Information Report registered by the Central Bureau of Investigation against RCom, Mr. Ambani and others. As alleged, RCom and its group companies obtained loans from domestic and foreign lenders from 2010 to 2012, of which a total of ₹40,185 crore is outstanding.
Nine banks have declared the loan accounts of the Group as alleged fraud. “ED investigation revealed that loans taken by one entity from one bank were utilised for repayment of loans taken by other entities from other banks, transfer to related parties, and investments in mutual funds, which was in contravention to the terms and conditions of the sanction letter of the loans,” the agency alleged.
RCom and its group companies allegedly diverted over ₹13,600 crore for “evergreening” of loans. Over ₹12,600 crore was “diverted to connected parties” and more than ₹1,800 crore was invested in fixed deposits and mutual funds, “which was substantially liquidated for rerouting to group entities”.
“Huge misuse of bill discounting for the purpose of funnelling funds to connected parties has also been detected by the ED. Certain loans were siphoned off outside India through foreign outward remittances,” alleged the agency.
Published – December 05, 2025 05:15 pm IST
