Anil Ambani is at the center of a major financial investigation involving multiple government agencies, including the Enforcement Directorate (ED), market regulator SEBI, and the Central Bureau of Investigation (CBI). On August 5, the ED is set to question him in a widening probe that spans allegations of fraud, money laundering, and forgery.
At the heart of the case is Reliance Infrastructure, a flagship company of the Anil Dhirubhai Ambani Group (ADAG). Between 2013 and 2023, regulators allege that the company moved massive sums—between ₹10,000 and ₹17,000 crore—through a low-profile entity called CLE Pvt Ltd.
The allegation
- Reliance Infrastructure transferred funds to CLE over several years, labeling them as inter-corporate deposits (ICDs)—a form of internal group lending.
- CLE defaulted on repayments.
- Instead of flagging the loss or the true relationship, Reliance Infra quietly wrote off the funds as bad loans without disclosing that CLE was a related party.
- As a result, up to 90% of Reliance Infra’s assets, at peak, were allegedly siphoned into CLE—effectively off the company’s books.
The numbers being debated are critical:
₹6,500 crore is what Reliance Infrastructure says is its real exposure to CLE.
₹10,000–17,000 crore is what SEBI and ED estimate was routed through CLE over time—based on provisioning, write-offs, and asset transfers they argue were deliberately masked.
The regulators believe this was a case of hidden related-party transactions that misled shareholders and the market. Reliance maintains it acted in good faith and that the larger figures include non-cash adjustments and are being exaggerated.
Action so far
- SEBI has banned Anil Ambani and 24 others from the securities market for five years.
- The ED has conducted raids across 50 entities and 25 individuals connected to the case.
- Ambani is now summoned for direct questioning.
Another case:
Separately, the ED is probing a fake bank guarantee worth ₹68.2 crore submitted by Ambani-linked firms—Reliance NU BESS and Maharashtra Energy Generation Ltd—to win a solar power storage project from the Solar Energy Corporation of India (SECI).
Key findings:
The guarantee came from an Odisha shell firm, Biswal Tradelink, using a fake domain (“s-bi.co.in”) to impersonate SBI.
Investigators found forged communications, shell accounts, and use of encrypted messaging.
SECI banned Reliance Power and its affiliates from bidding on its projects for three years starting November 2024.
Reliance Power claims it was defrauded and has filed complaints against Biswal Tradelink, stating it had no knowledge of the forgery.
Additional investigations
The ED and CBI are also examining:
Alleged diversion of ₹3,000 crore in loans from Yes Bank to shell companies between 2017 and 2019.
Past fund diversion and misreporting at other Ambani firms like Reliance Communications and Reliance Home Finance.
In June 2025, SBI officially designated Reliance Communications and Anil Ambani as “fraud” accounts.
What the group says:
ADAG claims Anil Ambani has not held operational roles in group firms since 2022. It argues that the charges relate to older companies that are now bankrupt or are victims of third-party fraud, and that remaining companies are operating lawfully and independently.
Following news of Ambani’s ED summons, Reliance Power shares dropped 4.82% to ₹50.30, and Reliance Infrastructure fell 5% to ₹311.60 on the BSE in early trading Friday.
