ED Summons Anil Ambani in ₹3,000 Crore Loan Fraud Probe

The Enforcement Directorate (ED) has summoned industrialist Anil Ambani, Chairman of the Reliance Anil Dhirubhai Ambani Group (ADAG), for questioning on August 5 in connection with an alleged ₹3,000 crore loan fraud case involving Yes Bank. The summons comes amid an ongoing investigation into suspected financial irregularities in loans disbursed to several ADAG entities between 2017 and 2019.

This development follows a series of raids conducted between July 24 and 27 across more than 35 locations in Mumbai linked to Ambani and around 50 associated firms. During the searches, ED officials seized various documents, digital devices, and financial records that reportedly indicate possible diversion of funds through shell companies and back-dated approvals.

The case revolves around loans granted by Yes Bank to companies under the ADAG umbrella, including Reliance Communications and Reliance Home Finance. Investigators allege that these loans were issued without proper due diligence and may have been used to mask non-performing assets through “evergreening” practices. Additionally, allegations of bribery and fraudulent documentation have surfaced.

Ambani, who is not currently on the boards of Reliance Power or Reliance Infrastructure, has previously been under regulatory scrutiny. The Securities and Exchange Board of India (SEBI) had earlier barred him and 24 others from accessing the securities market for alleged fund diversion. The State Bank of India has also flagged the Reliance Communications account as fraudulent.

Following the ED summons, shares of Reliance Power and Reliance Infrastructure fell nearly 5% in early trading on August 1, reflecting investor concerns over the probe.

ADAG, in response, stated that the ongoing investigation does not impact the operations of its listed entities, and maintained that companies like RCom and RHFL are under separate insolvency or resolution proceedings. The ED’s investigation continues.