The ED has alleged a structured scheme involving loan diversion of around Rs 3,000 crore from Yes Bank between 2017–19, including back-dated approvals and possible round-tripping of funds through shell entities.
BY PC Bureau
February 25, 2026: In a dramatic escalation of one of India’s highest-profile corporate investigations, the Enforcement Directorate (ED) has attached the 17-storey Mumbai residence of Reliance Group chairman Anil Ambani, known as ‘Abode’, valued at Rs 3,716.83 crore. The action comes in connection with an alleged bank fraud involving Reliance Communications (RCOM).
Official sources confirmed 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 in Mumbai’s Pali Hill area. With this move, the total value of assets attached in the ongoing case has surged to around Rs 15,700 crore.
Ambani, 66, is expected to appear before the ED in Delhi for a second round of questioning. He had earlier deposed before the agency in August 2025, when his statement was recorded under the PMLA.
Investigation Linked to Alleged RCOM Fraud
The attachment is part of a broader probe into alleged financial irregularities and loan diversion by Reliance Communications (RCOM). The ED’s action follows two FIRs filed by the Central Bureau of Investigation (CBI), which allege cheating, bribery, and diversion of public funds by entities within the Reliance Anil Ambani Group (RAAGA).
ED attaches Anil Ambani’s Mumbai house ‘Abode’ worth Rs 3,716 crore under anti-money laundering law: Sources pic.twitter.com/RzSyonRLuf
— Pratibha Goyal (@PratibhaGoyal) February 25, 2026
Search operations have reportedly been conducted at over 35 premises linked to group companies and executives under Section 17 of the PMLA. The investigation spans more than 50 companies and has involved questioning of over 25 individuals in Mumbai and Delhi.
Alleged Rs 3,000 Crore Loan Diversion
Sources indicate that companies connected to Ambani were allegedly involved in a structured scheme to divert loans worth approximately Rs 3,000 crore from Yes Bank between 2017 and 2019.
Investigators are examining whether funds were routed through shell entities and potentially round-tripped. Allegations also involve back-dated Credit Approval Memorandums, loan sanctioning without proper due diligence, and disbursements made before formal approvals.
Concerns have been raised about a possible quid-pro-quo arrangement, as money was allegedly received by entities linked to Yes Bank promoters shortly before loan disbursements. Multiple agencies, including the National Housing Bank, SEBI, the National Financial Reporting Authority (NFRA), and Bank of Baroda, have contributed inputs to the investigation.
Reliance Home Finance Under Scrutiny
Reliance Home Finance Ltd (RHFL) has also drawn attention, with SEBI reportedly flagging a sharp increase in corporate loans, from Rs 3,742.60 crore in FY 2017–18 to Rs 8,670.80 crore in FY 2018–19.
The ED is probing whether this surge was linked to the alleged loan diversion scheme, including allegations of expedited approvals and lending to related parties.
SBI Fraud Tag and Insolvency Proceedings
The probe follows the State Bank of India (SBI) declaring RCOM and promoter Anil D. Ambani as ‘fraud’ under RBI 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 SBI is preparing to lodge a formal complaint with the CBI.
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RCOM is currently undergoing insolvency proceedings before the National Company Law Tribunal (NCLT). 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 (IBC).
Group Companies Respond
Reliance Power and Reliance Infrastructure issued statements distancing themselves from the probe.
“It is clarified that Reliance Power and Reliance Infrastructure are separate and independent listed entities with no business or financial linkage to RCOM or RHFL. RCOM is undergoing Corporate Insolvency Resolution Process under the Insolvency and Bankruptcy Code, 2016, for over six years,” the companies said.
“RHFL has been fully resolved pursuant to the judgment of the Hon’ble Supreme Court of India. Similar allegations in media reports are sub-judice and pending before the Hon’ble Securities Appellate Tribunal,” the statement 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 on the governance, management, or operations of Reliance Power and Reliance Infrastructure.”
With the attachment of ‘Abode’, the investigation into one of India’s most prominent corporate cases has entered a new phase, placing both high-value assets and alleged financial dealings under intensified scrutiny.
