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India’s financial crime agency has temporarily frozen assets totaling 30.84 billion rupees ($350.87 million) connected to Reliance Anil Ambani Group amid a money-laundering probe, a government official revealed Monday.
The investigation centers on loans the group, controlled by Mukesh Ambani’s younger brother, borrowed from India’s YES Bank from 2017 to 2019 — exceeding $568.86 million. The funds were invested but failed to generate any returns.
Authorities have restricted transactions involving residential and land properties across Mumbai, Delhi, and Chennai, including Anil Ambani’s family home in Mumbai, the official added.
Reliance Group has yet to comment publicly.
Prosecutors allege that funds raised by Reliance Home Finance Ltd and Reliance Commercial Finance Ltd were part of a deliberate scheme to divert 30 billion rupees ($350 million). The loans were borrowed from YES Bank and funneled through shell companies.
Investigators also claim that these loans were initially invested via mutual funds and routed through group-related entities in breach of regulations. It is further alleged that bribes were paid to YES Bank officials before loan disbursements, according to an earlier government report.
The Enforcement Directorate highlighted issues such as weak borrower profiles, incomplete documentation, and misappropriation of funds, framing the case as one involving the diversion and laundering of public money.
Additionally, the agency is examining Reliance Communications Ltd and its affiliates, where over 136 billion rupees ($1.55 billion) are purported to have been diverted through loan manipulation and fund rerouting.
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