New Delhi, August 5, 2025 : Reliance Group chairman Anil Ambani has been summoned by the Enforcement Directorate (ED) today for questioning in connection with a massive ₹17,000 crore bank loan fraud and money laundering case. The move comes just days after raids were conducted on companies linked to Ambani in Delhi and Mumbai under the Prevention of Money Laundering Act (PMLA).

On August 1, the ED issued summons following extensive searches that targeted over 50 companies and 25 individuals, including senior executives from Anil Ambani Group companies. Documents and computer devices were seized during the raids. The agency has also questioned more than 25 people so far.

Investigators say that preliminary findings show loan diversions worth ₹3,000 crore from Yes Bank between 2017 and 2019. Further scrutiny revealed that Reliance Communications may have committed loan frauds exceeding ₹14,000 crore. Two FIRs registered by the Central Bureau of Investigation (CBI) are the basis of this probe.

The ED has approached around 12-13 public and private banks, including SBI, ICICI, Axis Bank, and HDFC, for details on loans sanctioned to Reliance Housing Finance, Reliance Communications, and Reliance Commercial Finance. Red flags include poor due diligence, questionable documentation, use of shell companies, and loan evergreening practices.

On August 1, the ED arrested Partha Sarathi Biswal, MD of Biswal Tradelink Pvt Ltd, for allegedly submitting fake guarantees worth ₹68.2 crore on behalf of Reliance Power. A lookout circular has now been issued against Anil Ambani.

Despite the developments, Reliance Power and Reliance Infrastructure claimed in statements to stock exchanges that the ED’s actions have had “absolutely no impact” on their operations or stakeholders.

Interestingly, this isn’t the first time these accounts were flagged. In November 2020, SBI declared Reliance Communications and Ambani as fraud accounts, but a status quo order from the Delhi High Court in January 2021 led to a complaint withdrawal.

As Ambani appears before the ED today, the case marks yet another high-profile addition to India’s list of corporate fraud probes.