Winning Bizness Desk

Mumbai. Anil Ambani did not appear before the Enforcement Directorate for questioning in a case linked to alleged violations of the Foreign Exchange Management Act. The Reliance Group chairman was earlier asked to appear on November 14, but he informed the agency that he wished to join the proceedings through a virtual mode. According to PTI, the ED declined this request and instead issued a fresh summons directing him to appear on November 17. The questioning is part of a wider investigation into financial irregularities involving multiple group companies and offshore transactions flagged by the agency.

Probe linked to Jaipur-Ringas highway project

The case under investigation is linked to the 2010 Jaipur-Ringas highway project, where Reliance Infrastructure Limited was awarded an Engineering, Procurement and Construction contract. The ED alleges that around Rs 40 crore from the project were sent to Dubai through shell companies based in Surat. The agency claims this diversion exposed a large international hawala network involving more than Rs 600 crore. As part of the ongoing investigation, the ED has already attached assets belonging to Anil Ambani and his group worth Rs 7,500 crore in a related money laundering case.

Large properties attached in earlier action

Earlier on November 3, the ED attached 132 acres of land belonging to Reliance Group at the Dhirubhai Ambani Knowledge City campus in Navi Mumbai. This land is valued at over Rs 4,462 crore. In a previous round of action, the agency had attached more than 40 properties belonging to the group, including Anil Ambani’s residence on Pali Hill in Mumbai, valued at Rs 3,084 crore. Altogether, the attached assets linked to the group total Rs 7,500 crore. The Pali Hill residence alone spans 16,000 square feet.

ED alleges diversion of bank funds

Investigators have also highlighted irregularities involving Reliance Home Finance and Reliance Commercial Finance. Between 2017 and 2019, Yes Bank invested Rs 2,965 crore in RHFL and Rs 2,045 crore in RCFL. By the end of 2019, these accounts had turned into non-performing assets, with large amounts still unpaid. The ED claims these funds were diverted to other companies within the Reliance Group. Investigators say several key checks were bypassed during the loan approval process. Loans were allegedly applied for, approved and disbursed on the same day in some cases, and several documents were found blank or undated.

Agency flags deliberate control failures

The ED has termed the pattern of transactions as intentional control failures designed to mislead banks and financial authorities. The probe is being conducted under Section 5(1) of the Prevention of Money Laundering Act, under which attachment orders were issued on October 31, 2025. The agency maintains that the suspected diversion of funds, the involvement of shell firms and irregular approvals indicate a systematic effort to misrepresent financial health and move money covertly.

CBI’s involvement in related loan cases

The Central Bureau of Investigation is also probing two separate FIRs related to loans extended by Yes Bank to RHFL and RCFL. Both cases name former Yes Bank CEO Rana Kapoor. Several regulatory bodies, including the National Housing Bank, SEBI, the National Financial Reporting Authority and Bank of Baroda, have shared findings with the ED. These inputs are now part of the consolidated investigation examining how funds moved through multiple layers of companies and whether fraud was committed at various levels.

Seven Key Pointers

• ED rejected the request and summoned him again on November 17
• Probe linked to Jaipur-Ringas highway project and alleged Rs 40 crore diversion
• Agency says a Rs 600 crore hawala network was exposed
• Properties worth Rs 7,500 crore already attached
• Irregularities found in Yes Bank loans to two Reliance finance firms
• CBI and several regulatory agencies are assisting the investigation