India’s Financial Crimes Agency has temporarily frozen assets worth Rs. 30.84 billion (US$350.87 million) linked to Reliance Group, owned by Anil Ambani, as part of an ongoing money laundering investigation, according to media reports citing a government source.
The case concerns loans amounting to more than US$568.86 million obtained from YES Bank between 2017 and 2019 by companies associated with Anil Ambani, the younger brother of billionaire Mukesh Ambani. Reports indicate that no returns were generated from the investments made using these funds.
The Enforcement Directorate (ED) has reportedly blocked transactions involving residential properties and land plots across Mumbai, Delhi, and Chennai, including Anil Ambani’s family residence in Mumbai, the source said.
Media outlets noted that the Reliance Group has not responded to requests for comment on the matter.
Investigators allege that funds raised by Reliance Home Finance Ltd and Reliance Commercial Finance Ltd were channelled through a network of shell companies as part of a planned scheme to secure loans worth INR 30 billion from YES Bank.
According to government sources, the borrowed funds were initially invested through mutual funds and subsequently diverted to group-linked entities, in violation of financial regulations. The companies are also alleged to have bribed YES Bank officials prior to the disbursement of the loans.
