The directorate of enforcement (ED) has provisionally attached 42 immovable properties valued at more than Rs3,083 crore linked to entities of the Reliance Anil Dhirubhai Ambani group (ADAG) in connection with its ongoing investigation into large-scale financial irregularities, diversion of public funds and suspected money laundering. The attachments were made under Section 5(1) of the Prevention of Money Laundering Act (PMLA) through four orders issued on 31 October 2025.
According to the agency, the attached assets include Anil Ambani's family residence at Pali Hill, Bandra (West), the Reliance Centre on Maharaja Ranjeet Singh Road in New Delhi, and multiple residential and commercial properties spread across Delhi, Noida, Ghaziabad, Mumbai, Pune, Thane, Hyderabad, Chennai (including Kancheepuram), East Godavari and Goa. The list covers 30 properties of Reliance Infrastructure Ltd, five of Adhar Property Consultancy Pvt Ltd, four of Mohanbir Hi-Tech Build Pvt Ltd, and one each belonging to Gamesa Investment Management Pvt Ltd, Vihaan43 Realty Pvt Ltd (formerly Kunjbihari Developers Pvt Ltd) and Campion Properties Ltd.
ED says its probe has uncovered fraudulent diversion of public funds by several Reliance ADA group companies, including Reliance Communications Ltd (RCOM), Reliance Home Finance Ltd (RHFL), Reliance Commercial Finance Ltd (RCFL), Reliance Infrastructure Ltd (RInfra) and Reliance Power Ltd. Between 2010 and 2012, RCOM and its related companies raised thousands of crores from Indian banks, of which Rs19,694 crore remains outstanding. These accounts were declared non-performing assets (NPAs) and at least five banks classified RCOM's loans as fraudulent.
The agency found that loans taken from one bank were used to repay others, or routed to related parties and mutual fund investments, violating loan conditions. It says more than Rs13,600 crore was diverted to evergreen old loans, Rs12,600 crore went to connected parties and about Rs1,800 crore was invested in fixed deposits and mutual funds which were later liquidated and routed back to group entities.
ED also cited large-scale misuse of bill discounting facilities and alleged that some of the diverted funds were sent abroad through outward remittances. In the case of Reliance Home Finance and Reliance Commercial Finance, the agency found that over Rs10,000 crore of public money flowed into the companies, including Rs2,965 crore invested by Yes Bank in RHFL instruments and Rs2,045 crore in RCFL instruments between 2017 and 2019. These investments became non-performing by December 2019.
Before Yes Bank invested in these companies, it had received huge inflows from the erstwhile Reliance Nippon Mutual Fund which was not permitted under SEBI rules to invest directly in ADAG's financial firms. Investigators said mutual fund investors' money was instead channelled indirectly through Yes Bank's exposures, eventually landing with Reliance group companies through a circuitous route.
According to ED, both RHFL and RCFL borrowed from more than 35 banks and financial institutions, but large portions of the loans were diverted instead of repaid. The diversion was executed through onward lending to shell entities effectively controlled by the Reliance ADA group. Funds moved rapidly between accounts, often within minutes, under the guise of corporate loans and inter-corporate deposits. The National Housing Bank (NHB) had previously penalised RHFL for regulatory breaches, while its auditors resigned citing uncertainty over recoveries. The National Financial Reporting Authority (NFRA) also penalised subsequent auditors, and SEBI initiated action against company officials.
The investigation has also revealed a series of mala fide lending practices such as disbursal of loans before sanction, same-day application, sanction and disbursal cycles, undated approvals, and cases where sanction letters were issued before borrower applications were filed.
ED cited multiple instances of backdated paperwork, blank security schedules and loans being approved for general business purposes instead of specific projects. Loans to entities like Vihaan43 Realty (formerly Kunjbihari Developers), RPL Aditya Power and RPL Sunlight Power were advanced without proper due diligence or collateral registration, in violation of standard norms.
The agency says several of these borrowing companies were weak or shell entities showing negligible assets, revenue or employees. They shared directors, auditors and addresses with Reliance ADA group companies, indicating a complex layering structure designed to conceal the true beneficiary. At least 13 such borrowers routed Rs1,460 crore to Reliance Infrastructure through a company named CLE Pvt Ltd. ED searches found no genuine business activity at the borrowers' registered offices.
The attached properties include the Pali Hill residence in Mumbai's Bandra West, the Reliance Centre in New Delhi, multiple offices at Nagin Mahal in Churchgate, flats in BHA Millennium Tower in Noida, residential flats in Hyderabad's Camus Capri Apartments and extensive land parcels in East Godavari district of Andhra Pradesh.
Also attached are 29 luxury flats in the Nutech Elevate 21 project in Chennai's Kottivakkam held by Gamesa Investment Management Pvt Ltd and several land parcels in Ghaziabad and Noida held by Adhar Property Consultancy Pvt Ltd and Mohanbir Hi-Tech Build Pvt Ltd. Reliance Infrastructure properties in Mumbai, Pune, Thane, Noida, Hyderabad, East Godavari and Goa are also part of the attachment.
ED's parallel investigation under the Foreign Exchange Management Act (FEMA) found that about Rs40 crore from Reliance Infrastructure's Jaipur-Reengus highway project was siphoned off through Surat-based shell firms to Dubai, exposing a wider hawala network exceeding Rs600 crore. The agency says it is continuing to trace the proceeds of crime and that recoveries will ultimately help restore losses to lenders and benefit the general public.
ED has pegged the overall scale of financial irregularities across the Reliance group at over Rs17,000 crore, covering multiple lending transactions and alleged fund diversions between 2006 and 2019.
Adding to Mr Ambani’s troubles, investigative platform Cobrapost recently published a report alleging that the Reliance ADA group had engaged in 'a massive banking fraud' totalling about Rs28,874 crore since 2006. The report claimed that funds raised through bank loans, public issues and bonds by several listed ADAG companies were siphoned off through a complex network of shell entities and layered transactions.
ED’s ongoing actions mark a significant escalation in the scrutiny of the Reliance ADA group which has faced multiple regulatory and financial setbacks over the past decade. The group’s telecom venture, RCOM, went bankrupt in 2019, while several of its infrastructure and finance companies have been battling debt defaults and insolvency proceedings.
Officials say the attached assets will remain under provisional attachment for 180 days, during which ED will move the adjudicating authority under PMLA to confirm the attachment. Once confirmed, the assets may be subject to further confiscation proceedings if the agency determines that they represent the proceeds of a crime.
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The rumor mills say that since 2008 Tina Ambani wanted to be at Nargis Dutt Road, a few meters from an action hero. (No gossip intended in this serious matter)...
What belonged to a publicly listed company with lakhs of shareholders, got routed and re-routed under guidance of corporate governance expert and Anil Ambani's stooge Sateesh Parshuram Seth, who was not only a Director on Board but also served as Vice Chairman.
Worth a few hundred crores in 2008-09, the prime piece of real estate in tony Pali Hill got its ownership changed to an Anil Ambani controlled private company for pennies to a few hundred dollars, blatantly cheating lakhs of Reliance Infrastructure shareholders.
In 2010, Anil Ambani group after opposition from neighborhood association claimed that the group was building a residential complex for its Top executives; And Anil Ambani will not have any apartment in it. (verification is a google search away). But then in 2022, it became Anil Ambani's Abode, widely covered by lifestyle media terming it as Anil's answer to Mukesh's Antilla (without bothering to check groups statement of 2010).
Same was the case of another prime land of BSES in Santacruz, a stone's throw from mumbai airport. Which eventually and ironically is now controlled by Yes Bank.
Anil Ambani build his Abode on this prime property which actually belonged to BSES and later Reliance Infrastructure shareholders. If it was not siphoned off in Anil Ambani's control the land truly belongs to Adani Energy shareholders.
The same land which Piramal's once put on sale (after DHFL acquisition) but later withdrew it from the market citing "family issues".
The question is, how can ED attach a property which was itself a "Proceed of a White Collar Crime", masterminded & managed by Sateesh Seth under directions of his master Anil Ambani.. ED should first go into the previous ownerships starting 2003 (when Ambani acquired majority control) and verify whether the land on which Abode stands is actually owned by Anil Ambani... And if so, was it acquired at less than 1% of its market value, in true style of Anil Ambani.
Neither ED nor CBI should find tracking the ownership changes of Abode land parcel, as they are much simpler than tracing CLE to Sonata Investments (a ADAG promoter group company). The same Anil Ambani controlled CLE which owes publicly listed Reliance Infrastructure over Rs. 10,000 crore, though ADAG accepts a number closer to Rs. 6500 crore.
Even Cobrapost in its list of allegations did not mention the real ownership & transfer value of Anil Ambani's Abode, nor do Reliance Infrastructure Annual Reports / stock exchange disclosures. For starters, ED and CBI can initiate a fresh probe to ascertain real owners of the plot Abode stands on. or just grill Sateesh Parshuram Seth on his ingenuine modus operandi to make his master richer. Else he too owns a residential complex in Santa Cruz (E) which is still open for attachment.