Anil Ambani Under ED Scanner in ₹3,000 Crore Loan Fraud Case

In a sweeping crackdown, the Enforcement Directorate (ED) has launched extensive raids on over 35 locations linked to industrialist Anil Ambani and his former companies, investigating an alleged ₹3,000 crore loan fraud involving Yes Bank. The probe, conducted under the Prevention of Money Laundering Act (PMLA), marks a significant escalation in scrutiny of Ambani’s financial dealings.

ED Targets Alleged Loan Diversion

The ED’s investigation centers on loans disbursed between 2017 and 2019, during which Yes Bank allegedly extended credit to entities connected to Anil Ambani without proper due diligence. According to officials, the loans were approved using backdated documents, and funds were routed through shell companies with common directors and addresses, raising red flags about the legitimacy of the transactions.

Sources suggest that bribes may have been paid to bank officials to facilitate the loan approvals. The ED suspects that the diverted funds were used for purposes unrelated to the original loan intent, violating banking norms and triggering money laundering concerns.

SBI Labels RCom and Ambani as “Fraud”

The raids follow a recent move by the State Bank of India (SBI), which on June 13, 2025, officially declared Reliance Communications (RCom) and Anil Ambani as “fraudulent” entities. This declaration has intensified regulatory focus on Ambani’s past ventures, particularly those that collapsed under heavy debt.

Corporate Denials and Clarifications

In response to the raids, Reliance Infrastructure and Reliance Power—two companies still operational under the Reliance Group umbrella—issued statements distancing themselves from the controversy. Both firms emphasized that:

• They are independent entities with no financial linkage to RCom or Reliance Home Finance Ltd (RHFL).
• Anil Ambani does not hold any board position in either company.
• The matters under investigation are over a decade old, and many are either sub-judice or already resolved.

The companies reassured stakeholders that their operations remain unaffected and that they are cooperating with authorities as needed.

A Personal Flashback: Love Against the Odds

Amid the legal storm, a nostalgic human-interest story resurfaced, shedding light on Anil Ambani’s personal life. Decades ago, his parents—Dhirubhai and Kokilaben Ambani—initially opposed his relationship with Tina Munim, a popular Bollywood actress. Despite family resistance, the couple reunited and married in 1991, and have since built a life together, raising two sons.

Their enduring relationship stands in contrast to the turbulence surrounding Ambani’s business empire, offering a glimpse into the personal resilience behind the public figure.

What’s Next?

With the ED’s investigation gaining momentum and corporate entities scrambling to clarify their positions, the coming weeks could prove pivotal for Anil Ambani’s legacy. Whether this probe leads to formal charges or further revelations remains to be seen.

The Nagpur Today was the first media outlet to report on the Enforcement Directorate (ED) raids against Anil Ambani, publishing their coverage on July 24, 2025, at 12:23 PM IST. The report detailed the scope of the investigation, including:

• Raids at over 35 premises, involving 50 companies and 25 individuals
• Alleged ₹3,000 crore loan diversion from Yes Bank between 2017–2019
• Suspected bribes to Yes Bank promoters
• Violations like backdated loan documents, shell companies, and common directors

This was followed closely by other outlets like:

• Republic World
• Indian Express
• MSN India

Largest FDI by An Indian Pvt Co. in Bhutan: Reliance Power to Develop Large-Scale Solar & Hydro Power Projects

Anil Ambani's Reliance Power has partnered with the Government of Bhutan to develop large-scale solar and hydro power projects. This collaboration is part of Bhutan's efforts to achieve its net-zero goals and enhance its renewable energy infrastructure.

This partnership represents the largest FDI by an Indian company in Bhutan's renewable energy sector. The projects will support Bhutan's goal of sustainable development and clean energy production.

The investment by Reliance Power in partnership with the Government of Bhutan for the development of solar and hydro power projects is up to $1 billion.

Reliance Power Ltd. and Druk Holding will co-develop the 770-MW Chamkharchhu-1 Hydro Project, which is classified as a run-of-the-river project under a concession model aligned with Bhutan’s policies.

Druk Holding and Investments (DHI) is the commercial arm of the Royal Government of Bhutan, established in 2007. Its primary purpose is to hold and manage the existing and future investments of the Royal Government for the long-term benefit of the people of Bhutan. DHI aims to grow its investment portfolio by 10x by 2030, focusing on future-oriented investments.

In this joint venture, Reliance Power will hold a 49 percent stake, while DHI will maintain majority ownership with a 51 percent share. The project will operate under a concession model in line with the government’s policies.

Key Projects:

1. 500 MW Solar Power Plant: This will be developed in Gelephu Mindfulness City, Bhutan, in two phases of 250 MW each over the next two years 2. Once completed, it will be the largest solar installation in Bhutan 2

2.770 MW Chamkharchhu-1 Hydroelectric Project: This run-of-the-river project aims to boost Bhutan's existing power capacity.

A media release confirmed that land for the project has already been earmarked, and a technical team, consisting of experts from Reliance, DHI, and external consultants, is currently conducting site assessments and technical studies. The project is set to become one of the largest investments in Bhutan’s renewable energy sector and represents the largest FDI by an Indian company in Bhutan.

Earlier in August this year, Tata Power, one of India's largest integrated power companies, has had entered into a strategic partnership with Druk Green Power Corporation Ltd (DGPC), a subsidiary of DHI, and the sole generation utility of Bhutan for the development of the 600 MW Khorlochhu Hydropower Project.

Anil Ambani Sets Up New Company Reliance Jai Properties Aligning with PM Modi's PMAY-U 2.0 Initiative

Anil Ambani has launched a new company called Reliance Jai Properties Private Limited (RJPPL) to enter the real estate sector. This move is part of Reliance Infrastructure's strategy to diversify its business portfolio. The new subsidiary, officially incorporated on August 12, 2024, aims to engage in acquiring, selling, leasing, and developing various properties.

RJPPL's focus aligns with the Pradhan Mantri Awas Yojana (PMAY-U) 2.0 initiative, which aims to provide affordable housing to urban poor and middle-class families. Despite this ambitious expansion, Reliance Infrastructure's stock has faced a downturn, indicating a cautious response from investors.

The new subsidiary has an authorized and paid-up share capital of ₹1,00,000, divided into 10,000 equity shares at ₹10 each.

RJPPL aims to engage in acquiring, selling, leasing, and developing various properties.

This move is seen as part of Reliance Infrastructure's strategy to diversify its business portfolio and capitalize on the growing real estate market in India. Despite this ambitious expansion, Reliance Infrastructure's stock has faced a downturn, indicating a cautious response from investors. To recall, in June Anil Ambani's Reliance Infrastructure incorporated Reliance EV Private Limited (REVPL), through its subsidiary Reliance Velocity Limited (RVL), to enter Electric Vehicles business.

The Pradhan Mantri Awas Yojana-Urban 2.0 (PMAY-U 2.0) is an ambitious initiative by the Indian government aimed at providing affordable housing to urban poor and middle-class families. The scheme aims to benefit 1 crore families over the next five years.

Notably, an investment of ₹10 lakh crore (approximately US $120 billion) has been allocated for PMAY-U 2.0 initiative, with a government subsidy of ₹2.30 lakh crore or US $27. 6 billion.

The Indian real estate sector is expected to reach a market size of USD 1 trillion by 2030, up from USD 200 billion in 2021. By 2047, the market is projected to expand to USD 5.8 trillion, contributing 15.5% to India’s GDP.

In FY23, the residential property market saw home sales reaching an all-time high of ₹3.47 lakh crore (USD 42 billion), marking a 48% year-on-year increase. The demand for residential properties surged in the top 8 cities, driven by mid-income, premium, and luxury segments.

Hinduja Group Initiates Rs 4300 Cr Plan for Acquiring Reliance Capital

The Hinduja Group has initiated a significant ₹4,300 crore (~$51.47 million) plan for the acquisition of Anil Ambani-led Reliance Capital. Hinduja Group's IndusInd International Holdings (IIHL) received approval from the Insurance Regulatory and Development Authority of India (IRDAI) for the acquisition of Reliance Capital.

The bankruptcy court NCLT Mumbai approved IndusInd International Holdings' resolution plan for acquiring Reliance Capital in February. Notably, the Hinduja Group entity submitted its ₹9,650 crore bid for the company just 24 hours after the auction deadline in December 2022.

To close the acquisition, IndusInd International Holdings (IIHL) is raising funds through a non-convertible debenture (NCD) issue. IIHL requested a 90-day extension beyond the original deadline of May 27, 2024, to arrange necessary regulatory approvals and secure funding. The debt includes both domestic market sources and global private credit funds.

As of the March 2024 quarter, Anil Ambani's family remains listed as promoters in the Reliance Group company. Anil Ambani himself holds no shares, while his wife Tina owns 2,63,474 shares, and their son Jai Anmol Ambani holds 28,487 Reliance Capital stocks.

Reliance Capital is currently undergoing the corporate insolvency resolution process, with Nageswara Rao Y appointed as administrator by the Reserve Bank of India under the Insolvency and Bankruptcy Code, 2016.

The acquisition includes taking over Reliance Capital's insurance arms: wholly-owned subsidiary Reliance General Insurance and the 51:49 joint venture with Nippon Life, known as Reliance Nippon Life Insurance.

The National Company Law Tribunal (NCLT) approved IIHL's ₹9,650 crore resolution plan for Reliance Capital. The implementation is pending approval from the Reserve Bank of India (RBI) for the proposed corporate restructuring of implementing entities.

Reliance Capital had a debt of over ₹40,000 crore. IIHL's bid of ₹9,661 crore upfront cash was selected by the committee of creditors. Additionally, Reliance Capital's cash balance of an extra ₹500 crore will go to the lenders.

The acquisition has received approvals from banking and capital markets regulators, as well as the Competition Commission of India (CCI). However, the IRDAI expressed certain concerns, including potential violations of foreign direct investment caps in insurance companies and reliance on borrowings for the acquisition.

Overall, the acquisition process is progressing, subject to regulatory clearances and compliance.

Besides Reliance Capital, an another Anil Ambani led company, Reliance Naval and Engineering (RNEL), was taken over by Mumbai-headquartered business house Swan Group's Swan Energy Limited, in January this year. Swan Energy acquired erstwhile Anil Ambani group company Reliance Naval & Engineering (RNEL), in December 2022.

Anil Ambani Enters Electric Vehicles Biz as Reliance Infra Incorporates New Reliance EV Pvt Ltd Subsidiary

Anil Ambani's Reliance Infrastructure has recently made a significant move by incorporating a new subsidiary, Reliance EV Private Limited (REVPL), through its subsidiary Reliance Velocity Limited (RVL). This incorporation took place on June 6, 2024, and it's a strategic step into the automobile sector, specifically focusing on electric vehicles.

The authorized and paid-up share capital for REVPL is set at ₹1,00,000, divided into 10,000 equity shares of ₹10 each. The main objective of this new subsidiary is to engage in the manufacturing and dealing of vehicles of various descriptions and components for transport and conveyance, utilizing any nature of fuel.

This development has positively impacted Reliance Infrastructure's market performance, with a notable surge of 9.84% in its share price, reaching ₹184.25. It reflects the growing investor confidence in the company's expansion into the high-growth electric vehicle sector.

Specific plans of Reliance EV Private Limited

Reliance EV Private Limited (REVPL), a subsidiary of Reliance Infrastructure, has outlined several specific plans as part of its foray into the electric vehicle (EV) sector:

• Manufacturing and Dealing: REVPL aims to manufacture and deal in vehicles of every description and components for transport and conveyance using any nature of fuel.
• Infrastructure Development: The company is investing in the installation of a network of EV charging stations and battery swap stations at its mobility stations and other standalone locations.
• Battery Manufacturing: Reliance is also entering the lithium-ion battery manufacturing space with LFP (lithium iron phosphate) chemistry, which is crucial for the EV industry.
• Collaborations: There are reports of talks with Tesla for setting up an EV manufacturing plant in India, indicating potential collaborations with global leaders in the EV space.

These initiatives reflect Reliance's commitment to the EV sector and its strategy to become a significant player in the rapidly growing market for sustainable transportation solutions.

Indian EV Market

The Indian Electric Vehicles market is at an inflection point, with EVs accounting for about 5% of total vehicle sales between October 2022 and September 2023. This is expected to reach more than 40% penetration by 2030, driven by strong adoption in both two-wheeler (2W) and three-wheeler (3W) categories.

India's EV sales soared 40% to 1.75 million units in FY2024, with electric two-wheelers (E2Ws) and electric three-wheelers (E3Ws) contributing 94% of the total EV sales. 

Reliance Infrastructure has been working towards becoming debt-free. Anil Ambani, the chairman of Reliance Infrastructure, announced that the company would become debt-free by utilizing funds received from the Delhi Metro Rail Corporation (DMRC) following a Supreme Court judgment. The company had a standalone debt of ₹3,808 crore and was expected to receive ₹7,100 crore from DMRC, which would be used to repay the debt.

However, it's important to note that these statements were made in the past, and the current status of the company's debt should be verified with the most recent financial reports or official announcements from Reliance Infrastructure for the latest updates.

Anil Ambani's Reliance Infra to Raise $350 Mn FCCB to Repay Rupee Debt, Expansion

Anil Ambani's Reliance Infrastructure is planning to raise USD 350 million through Foreign Currency Convertible Bonds (FCCB) to repay its existing rupee debt and for expansion purposes. This move is part of the company's strategy to manage its debt facilities, which include term loans and non-convertible debentures amounting to Rs 2253 crore and Rs 703 crore respectively.

The initiative also aligns with the company's plans to start new businesses in areas such as electric power generation. Recently, Reliance Infrastructure has also approved plans to establish four new companies.

According to the disclosures made by Reliance Infrastructure to the stock exchange, the Anil Ambani's company has outlined significant expansion plans and it includes establishment of four new subsidiaries — Reliance Jai Pvt Ltd (RJPL), Reliance Unlimit Pvt Ltd (RUPL), Reliance EV Pvt Ltd (REVPL), and Reliance Risee Pvt Ltd (RRPL). These companies will focus on sectors like electric power generation, IT consultancy, infrastructure, and the manufacture of vehicles for fuel transport.

Additionally, there are plans to invest $7 billion over the next three years to expand its engineering and construction business in India and acquire assets overseas². This investment is separate from the funds allocated for their power generation projects and reflects the company's ambition to grow its global footprint and diversify its operations.

These expansion efforts are part of Reliance Infrastructure's broader strategy to manage its debt and strengthen its position in the infrastructure sector.

About Foreign Currency Convertible Bonds (FCCBs) for an uninitiated, these are a type of convertible bond issued in a currency different from the issuer's domestic currency. Essentially, they are a mix of debt and equity instruments. FCCBs are typically used by companies looking to expand internationally or to take advantage of lower interest rates in foreign markets. They are a strategic financial tool for companies like Reliance Infrastructure to manage debt and fund expansion plans while providing an investment opportunity with the potential for equity conversion.

FCCBs offer the bondholder the option to convert the bond into a predetermined number of the issuer's equity shares. The principal and interest payments are made in a foreign currency, not the issuer's local currency. They act like a bond by making regular coupon (interest) payments, but also provide the potential for conversion into stock, which can be beneficial if the company's share price appreciates.

The convertibility feature can make FCCBs more attractive to investors, as it adds the potential for capital appreciation. Companies may choose to issue FCCBs to raise capital in a foreign currency, often at a lower interest rate compared to local borrowing.

Swan Energy Takes Full Control of Anil Ambani's Reliance Naval; Board Approves ₹4,000 Cr Fundraising

Mumbai-headquartered business house Swan Group's Swan Energy Limited has received the formal handover of management control of Reliance Naval and Engineering from the National Company Law Tribunal (NCLT) -appointed Monitoring Committee.

In December 2022, Swan Energy acquired erstwhile Anil Ambani group company Reliance Naval & Engineering (RNEL), with an aim to turn itself into the biggest private player in the manufacture of naval defence and oil and gas vessels.

In a latest now, NCLT's monitoring committee has handed over the management control with the approval of all the Committee of Creditors members and the committee now stands dissolved with effect from Thursday.

In addition, the board has approved the proposal to raise up to ₹4,000 crore and has also made a prepayment of ₹300 crore, debt for its Floating Storage and Regasification Unit project.

Swan Energy has set up the board with its managing Director Nikhil Merchant, Executive Director Paresh Merchant and Bhavik Merchant and Vivek Merchant, among others, as members.

Led by businessman Nikhil Merchant and his family, Swan Energy partnered Hazel Mercantile Ltd through a special purpose vehicle (SPV) — Hazel Infra Ltd — to acquire RNEL, the largest shipyard in the country. Swan Energy, a diversified business group with interests in oil and gas, real estate and textiles, holds a 74% stake in the SPV while Hazel Mercantile owns the rest.

Reliance Naval and Engineering Limited (R-Naval), was earlier known as Reliance Defence & Engineering Limited and prior to that as Pipavav Shipyard Limited.

The company is the first private sector company in India to obtain a license and contract to build warships.