Mumbai, (UNI) The Anil Ambani-led Reliance Power and Reliance Infrastructure issued a statement today that raids carried out by the Enforcement Directorate (ED) “have absolutely no impact on the business operations, financial performance, shareholders, employees, or any other stakeholders of the companies.”
“The media reports appear to pertain to allegations concerning transactions of Reliance Communications Limited (RCom) or Reliance Home Finance Limited (RHFL), which are more than 10 years old,” the statement mentioned.
“It is clarified that Reliance Power is a separate and independent listed entity with no business or financial linkage to RCOM or RHFL,” the statement clarified.
“RCOM has been undergoing the Corporate Insolvency Resolution Process as per the Insolvency and Bankruptcy Code, 2016 for over 6 years.” RHFL has been fully resolved pursuant to the judgement of the Supreme Court. Similar allegations as those set out in the media reports are sub judice and pending before the Securities Appellate Tribunal (SAT), as per publicly available information,” according to the statement.
“Further, Anil Ambani is not on the Board of Reliance Power and Reliance Infrastructure. Accordingly, any action taken against RCOM or RHFL has no bearing or impact on the governance, management, or operations of both the companies,” the statement maintained.
Earlier in the day, the ED raided more than 35 premises and 50 companies linked to the Anil Ambani-led Reliance Group to probe an alleged Rs 3,000-crore Yes Bank loan fraud, where Yes Bank officials allegedly received bribes.
According to the ED, the raids and searches were conducted under Section 17 of the Prevention of Money Laundering Act (PMLA), based on two FIRs registered by the Central Bureau of Investigation (CBI) after inputs shared by the including Securities & Exchange Board of India (SEBI), the National Housing Bank (NHB), Bank of Baroda and the National Financial Reporting Authority (NFRA).
Preliminary ED investigations showed that loans worth around Rs 3,000 crore, sanctioned by Yes Bank between 2017 and 2019, were allegedly diverted to shell companies and other Anil Ambani group entities. The ED also found evidence suggesting possible bribery of Yes Bank officials, including its promoter Rana Talwar.
The ED stated that senior business executives linked to the Anil Ambani group are also being searched as part of a wider investigation. The ED stated that it has gathered evidence of a planned scheme to divert public funds.
The ED probe suggests that several entities, including banks, shareholders, investors, and public institutions, may have been misled or cheated in the process of diverting public funds.
The ED action follows the State Bank of India’s (SBI) recent declaration of Anil Ambani and his company Reliance Communications (RCom) as “fraud”. On June 13, 2025, under guidelines issued by the Reserve Bank of India (RBI) about fraud risk management, and as per its internal policy, the SBI had flagged the company and its promoter.
Recently, the Minister of State for Finance Pankaj Chaudhary had informed the Lok Sabha that SBI reported the matter to the RBI on June 24, 2025 and the SBI is preparing to file a formal complaint with the CBI.
On July 1,the Resolution Professional for Reliance Communications (RCom) informed the Bombay Stock Exchange (BSE) about SBI’s decision as part of its disclosure responsibilities.
SBI’s financial exposure to Reliance Communications includes a fund-based principal amount of Rs 2,227.64 crore along with interest and expenses due since August 26, 2016. The SBI also has a non-fund-based exposure through bank guarantees worth Rs 786.52 crore.
The Anil Ambani-led RCom is already under a Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code, 2016. A resolution plan has been approved by the Committee of Creditors and filed with the National Company Law Tribunal (NCLT) in Mumbai on March 6, 2020. A final decision by the NCLT is still pending.
In addition to the company insolvency proceedings, SBI has also started personal insolvency proceedings against Anil Ambani under the same law, and the case is being heard by the NCLT bench in Mumbai.
