ED attaches Anil Ambani’s 17-storey Mumbai residence ‘Abode’ in RCOM loan diversion probe
PTC Web Desk: In a significant development in its ongoing money laundering investigation, the Enforcement Directorate has provisionally attached ‘Abode’, the 17-storey luxury residence of Anil Ambani, located in Mumbai’s upscale Pali Hill area. The property, estimated to be worth Rs 3,716.83 crore, has been attached under the provisions of the Prevention of Money Laundering Act (PMLA).
Official sources confirmed on Wednesday that the attachment of the 66-metre-high residential tower is linked to the agency’s probe into alleged financial irregularities involving Reliance Communications (RCOM). With this latest action, the total value of assets attached in the case has reportedly climbed to approximately Rs 15,700 crore.
Ambani, 66, is expected to appear before the agency’s Delhi office for a second round of questioning. He was earlier examined by the ED in August 2025, when his statement was recorded under the PMLA.
Investigation linked to alleged RCOM fraud
The attachment stems from a broader investigation into suspected loan diversion and financial misconduct by entities associated with the Reliance Anil Ambani Group (RAAGA). The ED initiated action following two FIRs registered by the Central Bureau of Investigation, which alleged cheating, bribery and diversion of public funds.
Search operations were carried out at over 35 locations connected to group companies and executives under Section 17 of the PMLA. The probe has reportedly covered more than 50 companies, with over 25 individuals questioned across Mumbai and Delhi.
Alleged Rs 3,000 crore loan diversion
According to sources familiar with the investigation, preliminary findings suggest that companies linked to Ambani may have orchestrated a structured plan 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 subsequently round-tripped. Questions have also been raised regarding alleged backdated Credit Approval Memorandums, sanctioning of loans without proper due diligence, and disbursals allegedly made before formal approvals.
Officials are further probing a suspected quid pro quo arrangement, as certain entities connected to promoters of Yes Bank allegedly received funds shortly before the loan disbursements.
Inputs from multiple regulatory and financial bodies, including the National Housing Bank, Securities and Exchange Board of India (Sebi), the National Financial Reporting Authority and Bank of Baroda, have also reportedly contributed to the investigation.
Reliance Home Finance under scrutiny
The role of Reliance Home Finance Ltd (RHFL) is also being examined. Sebi is understood to have flagged a sharp rise in corporate lending 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 assessing whether this increase was linked to the alleged loan diversion pattern, including claims of accelerated approvals and lending to related parties.
SBI flags fraud; insolvency proceedings underway
The action follows State Bank of India (SBI) categorising Reliance Communications and its promoter as ‘fraud’ under the Reserve Bank of India guidelines. SBI’s exposure reportedly 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 approach the CBI with a formal complaint.
RCOM is currently undergoing insolvency proceedings before the National Company Law Tribunal. Recently, Minister of State for Finance Pankaj Chaudhary informed Parliament that SBI has initiated personal insolvency proceedings against Ambani under the Insolvency and Bankruptcy Code.
Group companies clarify position
In response to media reports, Reliance Power and Reliance Infrastructure issued statements asserting that they are separate and independent listed entities with no financial or business linkage to RCOM or RHFL.
The companies stated that RCOM has been under the Corporate Insolvency Resolution Process for over six years, while RHFL has been resolved pursuant to a judgment of the Supreme Court of India. They further clarified that Ambani is not on the board of either Reliance Power or Reliance Infrastructure, and any action against RCOM or RHFL does not impact their governance or operations.
- With inputs from agencies
