Explained: Anil Ambani's Rs 17000 crore loan fraud case; ED raids, fake guarantees & money laundering trail

Industrialist Anil Ambani appeared before the Enforcement Directorate (ED) in Delhi on Tuesday in connection with a suspected Rs 17000 crore bank loan fraud case involving several Reliance Group companies. In parallel with this high-profile loan fraud investigation, Indian financial authorities have launched a separate money laundering inquiry centred around an alleged fake bank guarantee scam valued at Rs 68.2 crore.

This fresh investigation stems from an FIR lodged by Delhi's Economic Offences Wing in November 2024, relating to a fraudulent guarantee submitted to the Solar Energy Corporation of India (SECI). As part of the investigation, the Enforcement Directorate carried out synchronised raids on Thursday evening at four locations linked to a relatively obscure company, Biswal Tradelink Pvt Ltd: three sites in Bhubaneswar and one in Kolkata.

But what is Anil Ambani's fraud case all about? Let's find out and understand the whole timeline of the case.


Anil Ambani's case involves unpaid loans of nearly Rs 17,000 crore linked to multiple Reliance group companies. Reliance Power is under investigation for financial irregularities, including a fake bank guarantee scheme involving Biswal Tradelink Pvt Ltd (BTPL), whose managing director was arrested about a fake bank guarantee worth Rs 69.2 crore for a Reliance Group company.

According to the Economic Times, the ED, BTPL, received Rs 5.40 crore from Reliance Nu Bess Ltd's parent company, Reliance Power Ltd, after it submitted a fake bank guarantee containing forged endorsements from SBI in response to a Solar Energy Corporation of India Ltd (SECI) tender.

The ED further noted that BTPL, a relatively small firm incorporated in 2019, operated several undisclosed bank accounts and conducted financial transactions far exceeding its reported turnover. The agency also flagged multiple violations of the Companies Act. The agency also during its investigation.

• Reliance Home Finance Ltd (RHFL): Allegedly owns Rs 5,901 crore.
• Reliance Commercial Finance Ltd (RCFL): Alleged debts exceed Rs 8,226 crore.
• Reliance Communications (RCom): Reportedly owes nearly Rs 4,105 crore.

According to NDTV Profit, the loan fraud probe is focused on loans disbursed by Yes Bank Ltd to Anil Ambani's group companies between 2017 and 2019. Investigators are also examining the possibility of a quid pro quo, suggesting that Yes Bank promoters may have received financial gains shortly before the loans were approved.

The ED is probing the claims of unlawful diversion of loans totalling an approximate amount. amount of Rs 3000 crore, which Yes Bank disbursed to companies within the Anil Ambani Group between 2017 and 2019. The agency is also investigating the potential quid pro quo arrangements, specifically, whether bribes were offered to Yes Bank officials and promoters in exchange for loan approvals.

Fake Guarantees: There’s also a linked scam where fake bank guarantees worth Rs 68.2 crore were issued to secure contracts, backed by forged SBI endorsements.


Several key allegations have emerged against Anil Ambani in connection with the ongoing loan fraud investigation:

• Loan diversion and money laundering: The core accusation centres on loans totalling around Rs 17,000 crore that were granted to multiple Reliance Group entities, including Reliance Home Finance Ltd, Reliance Commercial Finance Ltd, and Reliance Communications, which were allegedly misused and funnelled through a maze of shell companies.
• Yes Bank Irregularities: A major focus of the whole case is on the alleged nexus of 'bribe' and loan involving Yes Bank. Nearly Rs 3000 crore in loans disbursed between 2017 and 2019 are suspected of being illegally diverted, as per ET.
• Fake Bank Guarantee Scheme: A separate yet connected allegation concerns a bogus bank guarantee valued at Rs 68.2 crore, which was submitted to the Solar Energy Corporation of India (SECI) by companies associated with Reliance Power.
• Reliance Infrastructure and CLE Pvt Ltd: According to allegations based on a SEBI report, Reliance Infrastructure is accused of disguising fund diversion as inter-corporate deposits, channelling the money to other Reliance Group firms via a company called CLE Pvt Ltd.
• Fund Misreporting and Fraud: Investigators are also examining earlier claims of fund diversion and financial misreporting involving other Anil Ambani-led firms, such as Reliance Communications and Reliance Home Finance.
• Ignoring Defaults and Potential Bribes: According to India Today, authorities are probing why 39 banks did not report the loan fraud and are investigating whether bank officials overlooked warning signs intentionally or accepted bribes in exchange for their silence.

• 2017-2019: Yes Bank grants around Rs 3,000 cr in loans to Anil Ambani group companies. The alleged diversion and misuse of these funds begins.
• November 2020: SBI has labelled the accounts of Reliance Communication (RCom) and Anil Ambani as fraudulent and has filed a complaint with the CBI.
• 2022: In 2022, the CBI registered two FIRs against Reliance Group companies over alleged loan fraud.
• November 2024: An FIR lodged by the Economic Offences Wing of the Delhi Police triggered a more extensive Enforcement Directorate investigation into the fake bank guarantee scam.
• July 24, 2025: The Enforcement Directorate carried out extensive raids across more than 35 locations, targeting over 50 companies and questioning nearly 25 individuals in its search for evidence of fund diversion and money laundering.
• August 1, 2025: Arrest of Partha Sarathi Biswal, director of Biswal Tradelink, for arranging fake bank guarantees on behalf of Reliance Power.
• August 5, 2025: Anil Ambani summoned for direct questioning by ED in Delhi under money laundering laws. A lookout circular was issued so he couldn’t leave India.

The ED is also investigating several senior executives of the Reliance Group for their alleged roles in the fraudulent activities. Notable individuals under scrutiny include:

• Sanjay Dangi
• Sateesh Seth
• Amitabh Jhunjhunwala
• Amit Dangi
• Puneet Garg
• Chhaya Virani
• Akash Suri
• Jitendra Sanghvi
• Amit Bapna
• Pinkesh Shah
• Ravindra Sudhalkar
• Anurag Sharma
• Hasit Shukla
• Kamalkant Gupta
• Varun Agarwal
• Amrish Shah
• Sandeep Khosla Yashpal
• Pradip Shroff

After resigning from Reliance Infrastructure and Reliance Power in March 2022, Anil Ambani is now engaged with the Reliance Group, concentrating on the infrastructure and defence sectors.

Q. Why did Anil Ambani lose his wealth?

Anil Ambani's loss of wealth resulted from a mix of factors such as an excessively leveraged business approach, unfavourable investment choices, and substantial debt buildup.

For the latest and more interesting financial news, keep reading Indiatimes Worth. Click here