The Enforcement Directorate (ED), taking major action in the alleged fund diversion and embezzlement case of thousands of crores of rupees related to Reliance Home Finance Limited (RHFL) and Reliance Commercial Finance Limited (RCFL), raided the premises of M/S E-Complex Private Limited, a company related to Reliance Anil Ambani Group, and one of its directors.
According to ED, in this action taken on July 7, many important documents, records related to immovable properties and other evidence have been recovered. During the investigation, evidence of such transactions and properties has also been found, which are said to be related to Reliance Anil Ambani Group.
what is the matter
ED’s investigation is going on on the basis of several FIRs registered by CBI. These FIRs were filed on complaints from various banks, including Yes Bank, State Bank of India, Bank of Baroda, Punjab National Bank, Canara Bank, Union Bank, UCO Bank, Bank of Maharashtra, Indian Overseas Bank, Punjab and Sindh Bank and Axis Bank. The investigating agency claims that RHFL and RCFL raised thousands of crores of public money, which was then systematically diverted through shell companies and other companies associated with the group. According to ED, huge corporate loans were given to these companies without adequate investigation, necessary documents and assessment of repayment capacity. Many of these companies existed only on paper and had no business or capacity to repay debts.
Assets worth Rs 4,510 crore attached so far
ED also says that the directors of these shell companies were employees or close associates of Reliance Anil Ambani group and their bank accounts and accounts were operated by officials of the key companies of the group. Proceeds of crime worth Rs 15,548 crore have been detected so far in the investigation. ED has so far attached assets worth Rs 4,510 crore, out of which attachment of Rs 3,926 crore has also been approved by the adjudicating authority. In this case, ED has already arrested former Reliance Capital Limited director Amitabh Jhunjhunwala and former Chief Finance Officer (CFO) Amit Bapna on 15 April 2026. Both are currently in judicial custody. ED said that the investigation of the case is still going on and further action will be taken.
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