In a sweeping escalation of its money laundering probe, the Enforcement Directorate has attached Reliance Group chairman Anil Ambani’s 17-storey Mumbai residence ‘Abode’, pegged at Rs 3,716.83 crore, in connection with an alleged bank fraud involving his group company Reliance Communications.
Official sources said on Wednesday that a provisional attachment order has been issued under the Prevention of Money Laundering Act PMLA against the 66-metre-high luxury property located in Mumbai’s Pali Hill area. With this action, the total value of assets attached in the case has risen to around Rs 15,700 crore.
Ambani, 66, is expected to appear before the agency in Delhi for a second round of questioning. He had first deposed before the ED in August 2025, when his statement was recorded under the PMLA.
The attachment is part of a wider investigation into alleged financial irregularities and loan diversion by Reliance Communications RCOM. The ED’s action follows two FIRs registered by the Central Bureau of Investigation which relate to allegations of cheating, bribery and diversion of public funds by entities within the Reliance Anil Ambani Group, often referred to as RAAGA companies.
According to sources, a preliminary probe indicates that companies linked to Ambani were involved in a structured scheme to divert loans worth around Rs 3,000 crore from Yes Bank between 2017 and 2019.
Investigators are examining whether funds were routed through shell entities and round-tripped. Concerns have also been raised over alleged back-dated Credit Approval Memorandums, sanction of loans without due diligence and disbursals made even before formal approvals.
Officials are also probing a possible quid-pro-quo arrangement, as money was allegedly received by concerns linked to promoters of Yes Bank shortly before loan disbursements.
Multiple agencies, including the National Housing Bank, Sebi, the National Financial Reporting Authority and Bank of Baroda, shared inputs that fed into the investigation.
Reliance Home Finance Ltd RHFL has also come under scrutiny. Sebi is learnt to have flagged a sharp rise in corporate loans disbursed by RHFL, from Rs 3,742.60 crore in FY 2017–18 to Rs 8,670.80 crore in FY 2018–19.
The ED is examining whether this spike was connected to the broader loan diversion scheme, along with allegations of expedited approvals and lending to related parties.
The action follows State Bank of India declaring Reliance Communications and its promoter Anil D Ambani as ‘fraud’ under Reserve Bank of India guidelines. SBI’s exposure includes Rs 2,227.64 crore in fund-based loans and Rs 786.52 crore in bank guarantees. The matter has been reported to the RBI, and the bank is preparing to file a complaint with the CBI.
RCOM is undergoing insolvency proceedings before the National Company Law Tribunal. Minister of State for Finance Pankaj Chaudhary recently informed Parliament that SBI has initiated personal insolvency proceedings against Ambani under the Insolvency and Bankruptcy Code.
Reliance Power and Reliance Infrastructure issued a clarification distancing themselves from the investigation.
“It is clarified that Reliance Power and Reliance Infrastructure are a separate and independent listed entity with no business or financial linkage to RCOM or RHFL. RCOM is undergoing Corporate Insolvency Resolution Process as per the Insolvency and Bankruptcy Code, 2016 since over 6 years,” the statement said.
“RHFL has been fully resolved pursuant to the judgment of the Hon’ble Supreme Court of India. Similar allegations as those set out in the media reports are sub-judice and pending before the Hon’ble Securities Appellate Tribunal, as per publicly available information,” it added.
“Further, Mr Anil D Ambani is not on the Board of Reliance Power and Reliance Infrastructure. Accordingly, any action taken against RCOM or RHFL has no bearing or impact on the governance, management, or operations of Reliance Power and Reliance Infrastructure.”
With the attachment of ‘Abode’, the probe into one of India’s most high-profile corporate investigations has entered a new phase, placing both assets and alleged financial dealings under intense scrutiny.
