The Enforcement Directorate has launched a wide-ranging money laundering investigation into the Reliance Anil Ambani Group and its associated entities, over alleged large-scale loan scam.
The government told Rajya Sabha the Enforcement Directorate probe follows two CBI FIRs from Sept 2022 amid rising loan frauds.
On July 22, the ED filed an ECIR to probe RHFL, RCFL, ex-Yes Bank chief Rana Kapoor, and others.
Parliamentary data shows RHFL and RCFL issued ₹12,524 crore in loans, mainly to shell companies and closely linked ADAG group entities.
A total of ₹6,931 crore was classified as doubtful assets or written off entirely.
The ED highlighted that funds were circulated back to Anil Ambani Group’s principal entities RCL, RIL, and RPL through “looped lending.”
The ED noted funds were often channeled back to Anil Ambani Group’s flagship firms RCL, RIL, and RPL through “circular financing.”
Additional scrutiny showed Kapoor’s wife’s firms RAB Enterprises, Bliss House, and Imagine Estate, obtained suspicious financing from the same NBFCs, fueling allegations of conflict of interest and reciprocal deals.
Key forensic findings underpin the investigation. Audits by Grant Thornton and SEBI uncovered fund diversion, loan evergreening, backdated approvals, and governance failures at RHFL and RCFL.
The ED examined crucial records, including NHB correspondences, directives from SEBI and NFRA, and internal evaluations by PwC and other statutory auditors.
Key documents reviewed by the ED include NHB letters, SEBI and NFRA rulings, and internal audits by PwC and other statutory firms.
SBI declared Reliance Communications and Anil Ambani’s accounts “fraud” in June, alerting the RBI and filing a CBI complaint.
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The case unfolds at a time of increased parliamentary unease over escalating high-value loan scams across banking and NBFCs.
