Raids Conducted at Anil Ambani firms Days After SBI Declares RCom ‘Fraud’. Probe Focuses on Alleged Money Laundering and Loan Diversion
July 24, 2025: On Thursday, the Enforcement Directorate (ED) conducted thorough searches at several locations in Mumbai that were connected to tycoon Anil Ambani firms. This was a major development. This move comes only days after the State Bank of India (SBI) officially called his firm, Reliance Communications (RCom), and its promoter-director, Anil D Ambani, a “fraud.”
ED teams from both Delhi and Mumbai searched places linked to some of Ambani’s group companies, but not his own home. The investigation is still going on and is looking at claims that RAAGA (Reliance Anil Ambani Group) enterprises are involved in money laundering.
ED Action Based on Information from Many Agencies
Reports say that the ED is now running based on a mix of information from different regulatory and financial authorities. The National Housing Bank, the Securities and Exchange Board of India (SEBI), the National Financial Reporting Authority (NFRA), and Bank of Baroda are some of these. Also, the Central Bureau of Investigation (CBI) has submitted two First Information Reports (FIRs) that bolster the ED’s investigation.
As part of this larger probe, police are also looking for high-level business people who are connected to Anil Ambani’s firm. The ED says it has found proof of a “planned scheme to divert public funds.” The first results show that a number of groups, including as banks, shareholders, investors, and government agencies, may have been deceived or cheated in the process.
Loans from Yes Bank Are Being Looked At
The ED’s investigation is mostly about the possible illicit diversion of ₹3,000 crore in loans that were taken out from Yes Bank between 2017 and 2019. ED officials say that money was sent to companies linked to the promoters of Yes Bank just before these loans were given to Ambani’s group companies.
The ED has also received information from the authorities on Reliance Home Finance Ltd (RHFL). One big warning sign is that RHFL’s business loan disbursements shot up from ₹3,742.60 crore in FY 2017–18 to an unbelievable ₹8,670.80 crore in FY 2018–19. As part of the probe, there is also a look into a bribery angle involving former Yes Bank promoters.
SBI Calls RCom and Anil Ambani “Fraud”
The ED’s most recent action comes after SBI called Anil Ambani and Reliance Communications “fraud.” On June 13, 2025, SBI notified the company and its promoter because it was following the Reserve Bank of India’s (RBI) rules on fraud risk management and its own rules.
Pankaj Chaudhary, the Minister of State for Finance, told the Lok Sabha that SBI told the RBI about this classification on June 24, 2025, and is now making a formal complaint with the CBI. As part of its duty to disclose information, the Resolution Professional for RCom also told the Bombay Stock Exchange of SBI’s decision on July 1, 2025.
SBI has a lot of money at risk with Reliance Communications, including a fund-based principal amount of ₹2,227.64 crore, plus interest and costs that have built up since August 26, 2016. The bank also has a non-fund-based risk in the form of bank guarantees totaling ₹786.52 crore.
RCom is already going through the Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code, 2016. A resolution plan has been authorized by the Committee of Creditors, but the National Company Law Tribunal (NCLT) in Mumbai has not yet made a final decision on it. SBI has also started personal bankruptcy procedures against Anil Ambani under the same statute. The NCLT in Mumbai is also hearing this case.