ED seizes evidence in Anil Ambani Group bank scam; ₹15,548 crore fraud quantified
Synopsis
The ED has quantified proceeds of crime at ₹15,548 crore in the Reliance Anil Ambani Group bank scam — one of India's largest alleged corporate fund-diversion cases. With fresh raids on E-Complex Private Limited, two former Reliance Capital executives already in custody, and eleven banks as complainants, the investigation is visibly widening.
Key Takeaways
The ED searched premises of M/s E-Complex Private Limited and a director's residence on 8 July 2025 , seizing documents linked to the Reliance Anil Ambani Group bank scam.
Total proceeds of crime quantified at ₹15,548 crore ; properties worth ₹4,510 crore attached under PMLA .
Attachments of ₹3,926 crore have been confirmed by the Adjudicating Authority .
Former Reliance Capital Director Amitabh Jhunjhunwala and ex-CFO Amit Bapna arrested on 15 April 2026 ; both in judicial custody.
A prosecution complaint was filed before the Special Court (PMLA) on 12 June 2026 .
Eleven banks — including SBI , Yes Bank , and Punjab National Bank — filed complaints that triggered the CBI FIRs underpinning the ED probe.
The Enforcement Directorate (ED) on Tuesday, 8 July 2025, conducted search operations at the premises of M/s E-Complex Private Limited and the residential premises of one of its directors, seizing evidence linked to suspicious transactions and assets allegedly controlled by the Reliance Anil Ambani Group in a major bank scam case. The agency confirmed the operation through an official statement issued on Wednesday.
What Was Seized and Why
During the searches, investigators recovered incriminating documents, records relating to immovable properties, and other evidentiary materials connected to the ongoing bank scam investigation. The seized material is expected to strengthen the ED's existing prosecution case before the Special Court (PMLA), where a complaint was filed on 12 June 2026.
According to the official statement, public funds worth thousands of crores of rupees raised by Reliance Home Finance Limited (RHFL) and Reliance Commercial Finance Limited (RCFL) were allegedly diverted through a network of shell and group companies controlled by the Reliance Anil Ambani Group.
How the Alleged Fraud Was Structured
The ED's investigation reportedly found that corporate loans were sanctioned to financially weak entities in gross violation of prudent lending norms, without adequate due diligence, proper documentation, or assessment of creditworthiness. The beneficiary entities are said to have lacked genuine business operations and possessed little or no repayment capacity.
Investigators further allege that the directors of these shell entities were employees or close associates of the Reliance Anil Ambani Group, operating under instructions from the group's senior management. Bank accounts and books of account of these entities were reportedly maintained by officials of flagship group companies — Reliance Infrastructure Limited, Reliance Power Limited, and Reliance Capital Limited — establishing what the ED describes as effective control over the shell structure.
Scale of Proceeds of Crime and Attachments
The total proceeds of crime in the case have been quantified at ₹15,548 crore. Properties worth ₹4,510 crore have been attached so far under the provisions of the Prevention of Money Laundering Act (PMLA), 2002. Of these, attachments amounting to ₹3,926 crore have been confirmed by the Adjudicating Authority.
Key Arrests in the Case
The ED had earlier arrested Amitabh Jhunjhunwala, former Director of Reliance Capital Limited, and Amit Bapna, former Chief Financial Officer of Reliance Capital Limited, on 15 April 2026. Both were arrested for their alleged active involvement in the diversion of funds from RHFL and RCFL, which were subsidiaries of Reliance Capital Limited at the relevant time. Both accused are currently in judicial custody.
Banks That Filed Complaints and What Comes Next
The ED's investigation was initiated on the basis of multiple FIRs registered by the Central Bureau of Investigation (CBI), Delhi, pursuant to complaints filed by Yes Bank, Bank of Baroda, Bank of Maharashtra, Canara Bank, Indian Overseas Bank, Punjab National Bank, Punjab & Sind Bank, State Bank of India, UCO Bank, Union Bank of India, and Axis Bank Limited. Further investigation is stated to be in progress, with the agency indicating more developments are expected.
Point of View
548 crore across RHFL and RCFL — places this among the largest PMLA cases involving a single corporate group in recent memory. What makes it structurally significant is the allegation that flagship listed entities like Reliance Infrastructure and Reliance Power effectively controlled the shell companies that received the diverted funds, which, if proved, would implicate governance at the board level, not just rogue executives. The arrest of a former CFO and a former director suggests the ED is building a chain-of-command narrative. Eleven banks as complainants also signals the breadth of lender exposure — and the reputational cost to India's credit ecosystem when due diligence is bypassed at this scale.
NationPress
8 Jul 2026
Frequently Asked Questions
What is the ED's case against the Reliance Anil Ambani Group?
The ED is investigating the alleged diversion of public funds raised by Reliance Home Finance Limited (RHFL) and Reliance Commercial Finance Limited (RCFL) through a network of shell companies under the PMLA, 2002. The total proceeds of crime have been quantified at ₹15,548 crore, with loans sanctioned to entities that allegedly lacked genuine business operations or repayment capacity.
What did the ED find in the latest raids on E-Complex Private Limited?
The ED seized incriminating documents, records relating to immovable properties, and other evidentiary materials during searches at E-Complex Private Limited's premises and the residence of one of its directors on 8 July 2025. The agency said the material pertains to suspicious transactions and assets beneficially owned or controlled by the Reliance Anil Ambani Group.
Who has been arrested in connection with the Reliance bank scam case?
Amitabh Jhunjhunwala, former Director of Reliance Capital Limited, and Amit Bapna, former CFO of Reliance Capital Limited, were arrested by the ED on 15 April 2026 for their alleged role in diverting funds from RHFL and RCFL. Both are currently in judicial custody.
How much has been attached by the ED in this case?
Properties worth ₹4,510 crore have been attached under the PMLA so far. Of these, attachments amounting to ₹3,926 crore have been confirmed by the Adjudicating Authority. The total proceeds of crime in the case are quantified at ₹15,548 crore.
Which banks filed complaints that led to the ED investigation?
Eleven banks filed complaints with the CBI, whose FIRs formed the basis of the ED's PMLA investigation. The banks are Yes Bank, Bank of Baroda, Bank of Maharashtra, Canara Bank, Indian Overseas Bank, Punjab National Bank, Punjab & Sind Bank, State Bank of India, UCO Bank, Union Bank of India, and Axis Bank Limited.
