The Enforcement Directorate (ED) has alleged that Reliance Communications Limited (RCOM) and its group companies, led by industrialist Anil Ambani, created a mechanism to influence the insolvency resolution process even before the proceedings formally began.
According to officials familiar with the investigation, the Anil Ambani-led Reliance Group allegedly acquired loans to become part of the Committee of Creditors (CoC), thereby gaining influence over the corporate resolution process.
The agency has also found that loan funds were diverted to mutual funds, related entities, and infrastructure companies belonging to Anil Ambani’s Reliance Group.
ED Issues Fresh Summons to Anil Ambani
The ED has now issued a fresh summons to Anil Ambani, directing him to appear before the agency on November 14 in connection with the ongoing money laundering investigation.
Ambani had earlier appeared before the agency on August 5 in connection with other cases related to his group companies. The Reliance Group has so far not commented on the latest summons or the allegations mentioned in the ED’s order.
ED’s Probe and Asset Attachments
The investigation is based on a Central Bureau of Investigation (CBI) FIR registered on August 21. Earlier this week, on November 3, the ED attached 132 acres of land at the Dhirubhai Ambani Knowledge City (DAKC) in Navi Mumbai, valued at around Rs. 4,462 crore.
In addition, the agency recently attached 42 other properties worth Rs. 3,083 crore, including Anil Ambani’s Pali Hill residence in Mumbai and Reliance Centre in Delhi, in connection with other linked cases.
According to the agency, RCOM owed over Rs. 40,000 crore to various lenders, with the State Bank of India (SBI) suffering an estimated loss of Rs. 2,929.05 crore from its loans to the company.
ED Alleges Misuse of Credit Facilities
The ED’s attachment order dated November 3, issued under the Prevention of Money Laundering Act (PMLA), revealed that SBI had sanctioned large credit facilities to Reliance Communications (RCOM), Reliance Telecom Ltd (RTL), and Reliance Infratel Ltd (RITL) — collectively referred to as the Reliance Anil Dhirajlal Ambani Group (RAAG) by the agency.
The order states that the group misused these loans in several ways:
- Loans taken from one bank were used to repay loans of other group companies.
- Funds were transferred to related parties and invested in mutual funds, violating loan terms.
- Some funds were diverted abroad through foreign remittances.
- A portion of the loans was allegedly routed to infrastructure firms linked to Anil Ambani, such as Reliance Infrastructure Ltd and CLE Pvt. Ltd., breaching the loan conditions.
What’s Next in the Case
The ED continues to probe the flow of funds within the Reliance Group companies and the alleged diversion of bank loans. Officials said more documents and statements are being examined to establish the full money trail.
Anil Ambani is expected to be questioned about loan utilization, fund transfers, and his role in decisions related to the group’s financial restructuring and insolvency proceedings.
