Winning Bizness Desk
Mumbai. Anil Ambani, former Chairman of the Reliance Group, appeared before the Enforcement Directorate in New Delhi on February 26 in connection with a money laundering investigation linked to bank loans and alleged fund diversion. He reached the agency’s office around 11 am and is being questioned over suspected violations of foreign exchange regulations and the routing of borrowed funds. The probe stems from alleged irregularities in loans granted by public sector banks to his companies and is based on a 2019 FIR registered by the Central Bureau of Investigation.
Second round of questioning underway
This marks the second round of questioning of Anil Ambani in the case related to Reliance Communications. He had earlier faced interrogation in August 2025. Investigators are examining whether loan amounts were diverted for purposes other than those declared and whether foreign exchange norms were breached in the process.
Key points under scrutiny include:
- Alleged diversion of bank loans by group companies
- Possible violation of foreign exchange regulations
- Use of funds routed through multiple entities
- Compliance gaps flagged after the 2019 CBI FIR
According to the Enforcement Directorate, Reliance Communications and its group firms had availed substantial loans from domestic and overseas banks.
Loans worth over Rs 40,000 crore
The agency has stated that the outstanding dues of Reliance Communications and associated entities currently stand at Rs 40,185 crore. Investigators are assessing whether these loans were siphoned off or misused, leading to mounting liabilities for lenders. The case has drawn attention due to the scale of borrowings and the involvement of several public sector banks.
Officials are also examining financial records, company filings and internal communications to determine accountability at the management level.
Abode property provisionally attached
A day before Ambani’s appearance, the agency provisionally attached his 17-storey Mumbai residence, Abode, located in the upscale Pali Hill area. The property is valued at Rs 3,716 crore and is counted among the most expensive private homes in India.
The residence is equipped with:
- A private helipad
- A gymnasium
- A swimming pool
- A large lounge area
Earlier, in November 2025, a portion of the same property worth Rs 473.17 crore had been attached in connection with the case. With the latest action, the entire building has been brought under the ambit of the investigation.
Meaning of provisional attachment explained
A provisional attachment means that the property is legally frozen. The owner cannot sell, transfer or dispose of it until the investigation is completed. If charges are established in court, the property can eventually be confiscated. The action has been taken under the Prevention of Money Laundering Act.
So far, the total value of assets attached in the case has reached nearly Rs 15,700 crore, reflecting the scale of the alleged financial irregularities.
SIT formed after Supreme Court directions
The investigation has gained pace following directions from the Supreme Court, after which a Special Investigation Team was constituted to probe multiple cases of alleged bank fraud and financial misconduct involving the Anil Dhirubhai Ambani Group. This has intensified scrutiny of transactions and decision-making within the group.
It is important to note that Mukesh Ambani, Asia’s richest businessman and elder brother of Anil Ambani, has no connection with this case. The brothers separated their business empires nearly two decades ago, and the present investigation pertains solely to companies under Anil Ambani’s control.
Going forward, the agency will match Ambani’s statements with company documents and transaction trails. If substantial evidence of wrongdoing emerges, investigators may file additional charge sheets or consider custodial action.
