On July 24, 2025, the Enforcement Directorate (ED) conducted massive raids on more than 35 locations connected to Anil Ambani’s Reliance Group in Mumbai and Delhi, marking a dramatic increase in interest in one of India’s most well-known businessmen. Investigating a suspected ₹3,000 crore loan fraud and money laundering case involving Yes Bank loans disbursed between 2017 and 2019, the operation is carried out under the Prevention of Money Laundering Act (PMLA). Serious concerns regarding accountability and governance have been raised by the raids, which affected 25 people and 50 companies in India’s corporate and financial sectors.
Suspected financial irregularities, such as loan diversions, backdated credit approvals, and possible bribery involving Rana Kapoor, the former chairman of Yes Bank, are the focus of the ED’s investigation. Sources claim that the agency discovered a “well-planned scheme” to embezzle public funds through group entities and shell companies with poor financial records, frequently sharing directors and addresses. One major focus is Reliance Home Finance Ltd (RHFL), which raised concerns about due diligence and fund misuse when its corporate loan portfolio increased from ₹3,742.6 crore in FY 2017–18 to ₹8,670.8 crore in FY 2018–19. Results from SEBI, the National Housing Bank, and the CBI—which filed two FIRs in 2022 alleging fraud and bribery—are also included in the investigation.
Two listed companies under Ambani’s group, Reliance Power and Reliance Infrastructure, clarified in statements that the raids target past cases involving Reliance Communications (RCOM) and RHFL, which they assert have no operational or financial ties to their companies. They stressed that RCOM has been insolvent since 2019 and that Anil Ambani is not on their boards, while RHFL’s problems have been settled by a Supreme Court decision. The ED’s findings, however, point to systemic violations and imply a quid pro quo, with Yes Bank promoters allegedly receiving funds in their entities prior to approving loans.
The raids come after RCOM and Ambani were recently labeled “fraudulent” accounts by the State Bank of India, which linked them to a separate loan default of ₹14,000 crore. Ambani is already dealing with financial difficulties following SEBI’s 2024 ban from the securities markets, and this has increased scrutiny of him. The investigation’s findings may change how corporate governance is viewed in India. Will Ambani’s group get away with it, or will the ED’s investigation reveal more serious financial wrongdoing? For investors, regulators, and the Indian financial system as a whole, the stakes are high.
