The regulatory noose around Anil Ambani’s Reliance Group has tightened further.
After ongoing investigations by the Enforcement Directorate (ED), Central Bureau of Investigation (CBI) and SEBI, the Ministry of Corporate Affairs (MCA) has now launched a fresh probe into alleged fund diversion and financial irregularities across several group companies.
MCA Transfers Case to SFIO
According to senior government officials, the MCA’s preliminary findings have indicated large-scale siphoning of funds and major violations under the Companies Act, prompting the ministry to transfer the case to the Serious Fraud Investigation Office (SFIO).
The SFIO is expected to trace the flow of money across Reliance group entities, including:
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Reliance Infrastructure
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Reliance Communications (RCOM)
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Reliance Commercial Finance
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CLE Pvt Ltd
The agency will also examine the role of top management in the alleged irregularities and recommend legal action based on its findings.
ED and CBI Investigations Already Underway
The move follows an intensified enforcement drive by the ED, which this week attached assets worth ₹7,500 crore belonging to Reliance Group firms.
Officials said the attached properties include:
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30 assets of Reliance Infrastructure, and
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Properties linked to Adhar Property Consultancy, Mohanbir Hi-Tech Build, Gamesa Investment Management, Vihaan43 Realty, and Campion Properties.
These assets are connected to what authorities describe as a multi-crore bank fraud involving RCOM and related entities.
Loans, Defaults, and Alleged Fund Diversion
According to the ED, between 2010 and 2012, Reliance Communications and its group companies raised thousands of crores in bank loans, much of which allegedly went toward repaying old debt instead of business operations a practice investigators call “evergreening.”
“From around 2010-12 onwards, RCOM and its group companies raised thousands of crores from Indian banks, of which ₹19,694 crore still remains outstanding,” the ED said in its statement.
“Five banks have declared these loan accounts as fraudulent.”
The total outstanding dues reportedly stand at ₹40,185 crore.
Investigators estimate that ₹13,600 crore was diverted through complex layered transactions, with a portion of the funds moved overseas.
Group Companies Under Mounting Financial Pressure
Entities under investigation include Reliance Home Finance, Reliance Commercial Finance, Reliance Infrastructure, and Reliance Power.
The CBI and ED conducted searches at Anil Ambani’s residence and company offices in August, following which a senior finance executive was arrested.
Multiple Reliance Group companies are already facing insolvency proceedings or legal recovery actions from lenders. RCOM remains under the Insolvency and Bankruptcy Code (IBC) since its collapse.
Regulatory Focus on Corporate Accountability
The MCA’s decision to escalate the matter to the SFIO underscores the government’s renewed push for corporate transparency and accountability in large conglomerates.
Meanwhile, the ED’s asset attachments and the fraud classification by banks have added significant legal, financial, and reputational challenges for the already debt-laden Reliance Group.
