Reliance Group chairman Anil Ambani did not appear before the Enforcement Directorate (ED) on February 27, 2026, despite a summons for questioning in a money laundering case linked to an alleged Rs 40,185 crore bank loan fraud involving Reliance Communications (RCOM). This followed his nearly nine-hour questioning session the previous day, February 26, where he provided a statement at the ED’s Delhi headquarters. The ED sought to record further details on loan transactions, but Ambani’s absence left the next steps unclear, with no immediate fresh date confirmed.
Case Background
The probe originates from a Central Bureau of Investigation (CBI) FIR against RCOM, Anil Ambani, and others, charging criminal conspiracy (IPC 120-B), criminal breach of trust (IPC 406), cheating (IPC 420), and violations under the Prevention of Corruption Act. Between 2010 and 2012, RCOM and group entities secured loans totaling Rs 40,185 crore from domestic and foreign lenders, now outstanding and classified as fraudulent by at least five banks, including State Bank of India (SBI). Investigators allege misuse: Rs 13,600 crore diverted for loan evergreening, Rs 12,600 crore routed to related parties, and Rs 1,800 crore parked in fixed deposits or mutual funds before rerouting, plus bill discounting fraud and overseas remittances.
Prior ED Engagements
Ambani first faced ED questioning on August 5, 2025, regarding Rs 17,000 crore loan aspects; he requested seven days for documents. A second round on February 26, 2026, lasted over nine hours, tied to RCOM’s Rs 14,000 crore fraud and Yes Bank links. His wife, Tina Ambani, received a summons but sought adjournment. Earlier, in November 2025, Ambani skipped FEMA summons twice, proposing virtual deposition.
Asset Attachments
The ED has aggressively attached assets: On February 25, 2026, Ambani’s Mumbai Pali Hill home ‘Abode’ (Rs 3,716.83 crore) was fully attached under PMLA, after a partial Rs 473.17 crore seizure. Cumulative attachments exceed Rs 15,700 crore across cases, including Rs 4,462 crore Navi Mumbai land (Dhirubhai Ambani Knowledge City), Rs 7,545 crore total in RCOM/Reliance Home Finance/Reliance Commercial Finance probes, and Rs 1,800 crore fresh in January 2026 (bank deposits, shares, properties). A special investigation team (SIT), per Supreme Court orders, oversees multiple ADAG fraud cases.
Allegations in Detail
ED claims loans from one group firm repaid others, violating terms, with funds funneled via undisclosed parties like “C Company” in Reliance Infrastructure’s Rs 10,000+ crore diversions. Reliance Mutual Fund allegedly invested Rs 2,850 crore in Yes Bank’s AT-1 bonds as quid pro quo, later written off. CBI probes include Rs 2,220 crore Bank of Baroda fraud (2013-2017), Rs 1,085 crore fresh case (March 2026), and Canara Bank Rs 1,050 crore cheating. Undeclared foreign accounts and assets are under scrutiny.
Related Developments
RCOM accounts turned non-performing asset (NPA) in 2017; SBI labeled them fraudulent per RBI norms. ED arrested ex-RCOM director Punit Garg in January 2026 for laundering. SEBI inputs flagged ICD disguises; recoveries are minimal, e.g., Rs 4 crore cash from Rs 5,480 crore haircut. Parliament noted SBI’s CBI complaint plans.
ED’s Stance and Future Steps
The ED emphasizes pursuing financial crimes and restituting proceeds, with investigations ongoing. No arrest followed February 26 questioning, but Ambani’s skip may prompt coercive action. A third PMLA case targets ADAG entities. The agency plans deeper probes into diversions, foreign links, and related parties.
Broader Implications for Anil Ambani Group
Once a telecom giant, RCOM entered insolvency; ADAG firms like Reliance Infra face haircuts and Discom asset transfers hindering recovery. Cumulative probes span Rs 40,000+ crore frauds, eroding investor confidence amid India’s tightening AML enforcement. Ambani, 66, has seen his net worth plummet; the case underscores regulatory crackdown on evergreening and related-party abuses.