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The Enforcement Directorate has raided properties linked to Anil Ambani in Delhi and Mumbai, days after SBI officially declared him and Reliance Communications as 'fraud' and moved to file a CBI complaint.
The Enforcement Directorate (ED) has carried out raids at multiple properties linked to businessman Anil Ambani in Delhi and Mumbai, according to official sources.
ED raided at least 35 premises in over Rs 3,000 crore worth loan 'fraud' case against Anil Ambani group of companies and Yes Bank.
These raids come just days after the State Bank of India (SBI) declared Ambani and his company Reliance Communications (RCom) as 'fraudulent' borrowers.
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ED action not at Anil Ambani's home
The Enforcement Directorate (ED) reportedly did not raid Anil Ambani's personal home during its search. Instead, teams from both Delhi and Mumbai visited offices and properties linked to some of his group companies under the Reliance Anil Dhirubhai Ambani Group (RAAGA). The investigation is connected to suspected money laundering activities involving these companies.
Action based on reports from several agencies
The ED launched its investigation after receiving alerts and reports from multiple regulatory and financial authorities. These include:
- National Housing Bank (NHB)
- Securities and Exchange Board of India (SEBI)
- National Financial Reporting Authority (NFRA)
- Bank of Baroda
- Two FIRs filed earlier by the Central Bureau of Investigation (CBI)
The ED is also questioning some top business executives associated with Ambani's companies, reports India Today. Officials claim to have found signs of a planned effort to misuse public money. As per the ED, banks, investors, and public institutions may have been misled or cheated during financial transactions.
Yes Bank loans under scanner
A major part of the investigation reportedly focuses on loans worth Rs 3,000 crore that were taken from Yes Bank between 2017 and 2019. According to ED officials, the money was diverted to companies connected to the bank’s promoters just before these loans were given to Ambani's group firms.
Authorities have also reviewed financial data from Reliance Home Finance Ltd (RHFL). One red flag is a sudden jump in corporate loan disbursals from Rs 3,742.60 crore in 2017-18 to Rs 8,670.80 crore in 2018-19.
There is also a bribery angle under review, involving former Yes Bank promoters, as part of the larger probe.
Why did SBI declare Anil Ambani and RCom as 'fraud'?
On June 13, 2025, SBI officially classified Reliance Communications and its promoter director Anil D Ambani as 'fraud' under the Reserve Bank of India’s guidelines on fraud risk management.
The bank reported this classification to the RBI on June 24, 2025. It is also in the process of filing a formal complaint with the Central Bureau of Investigation (CBI), as informed by the government in Parliament. SBI's total exposure to RCom includes:
- Rs 2,227.64 crore in fund-based loans
- Rs 786.52 crore in bank guarantees
This includes interest and other charges going back to August 26, 2016.
What is the status of RCom's insolvency?
RCom is currently undergoing Corporate Insolvency Resolution under the Insolvency and Bankruptcy Code, 2016. A resolution plan was approved by the creditors and sent to the National Company Law Tribunal (NCLT), Mumbai, on March 6, 2020. However, the final NCLT approval is still awaited.
SBI has also filed a Personal Insolvency case against Anil Ambani. This case is also being heard by the NCLT in Mumbai.
Previous fraud complaint returned
Interestingly, this is not the first time SBI called the account fraudulent. It had earlier classified Anil Ambani and RCom as fraud in November 2020 and filed a complaint with the CBI in January 2021. However, the Delhi High Court's status quo order dated January 6, 2021, forced the CBI to return the complaint.
Later, the Supreme Court's 2023 judgment in the SBI vs Rajesh Agarwal case required that borrowers be given a chance to present their side before being labelled as frauds. Based on this, SBI reversed the fraud tag in September 2023, but after completing the required process, reclassified the account as fraud on July 15, 2024.
The ED’s raids mark a major development in the ongoing financial investigation. With SBI pursuing a CBI complaint and the insolvency process in motion, Anil Ambani may face deeper legal trouble in the coming months.