November 3, 2025 : In a major development, the Enforcement Directorate (ED) has attached assets worth over ₹3,000 crore belonging to businessman Anil Ambani and companies associated with him, in connection with a money laundering investigation. The move marks one of the most significant actions taken by the central agency against a top Indian industrialist in recent years.
According to sources, the attachment was carried out under the Prevention of Money Laundering Act (PMLA), 2002, following a detailed probe into alleged financial irregularities involving loans taken by firms linked to Ambani’s Reliance ADA Group.
ED’s findings and the nature of assets
Officials revealed that the attached assets include immovable properties, bank accounts, investments, and shares held in the names of Anil Ambani, his family members, and several group entities.
Preliminary investigations suggest that funds obtained through loans from state-run and private banks were allegedly diverted through a complex network of shell companies, both in India and abroad. These transactions were reportedly aimed at concealing the ultimate ownership and origin of the funds — a key violation under PMLA provisions.
The ED is said to have traced multiple offshore entities linked to the diverted money. Sources close to the investigation indicated that more than 40 companies across Singapore, Mauritius, and the British Virgin Islands may have been used to route the funds.
Trigger of the investigation
The probe reportedly stems from a series of complaints filed by several financial institutions, including the State Bank of India (SBI) and ICICI Bank, over unpaid loans amounting to thousands of crores. These loans were extended to Reliance Communications (RCom) and Reliance Infrastructure, both part of Ambani’s business empire, which has faced severe financial stress in recent years.
In 2020, the Industrial Development Bank of India (IDBI) lodged a complaint alleging that RCom had defaulted on loan repayments exceeding ₹1,200 crore, prompting the ED to initiate a money laundering inquiry.
An ED official said, “Our investigation found that the loan proceeds were not utilized for the stated purpose. Instead, funds were layered through multiple entities and diverted to other businesses controlled by the accused.”
Statement from Anil Ambani’s representatives
In response to the ED’s action, a spokesperson for Anil Ambani termed the move as “unwarranted and politically motivated.” The statement read, “All transactions were conducted transparently and in compliance with the law. We will cooperate fully with the authorities and are confident that the truth will prevail.”
The spokesperson also added that most of the loans under scrutiny had already undergone due process under India’s bankruptcy and insolvency framework, and that attaching assets now was “legally unjustified and damaging to investor confidence.”
Previous cases involving Anil Ambani
This is not the first time Anil Ambani has faced scrutiny from investigative agencies. The ED and Income Tax Department have previously questioned him in connection with foreign asset disclosures and alleged FEMA violations.
In 2022, Ambani was summoned by the ED in relation to the Yes Bank money laundering case, where it was alleged that his companies received substantial loans from the bank that later turned into non-performing assets (NPAs).
Political and business implications
The fresh action by the ED has sparked political debate, with opposition parties questioning whether enforcement agencies are being used selectively. Meanwhile, the case has sent ripples through India’s corporate community, as Ambani — once among India’s wealthiest businessmen — continues to face mounting legal and financial challenges.
Market analysts believe the move could have limited immediate impact on listed group entities, as most are already undergoing debt restructuring or insolvency proceedings. However, investor sentiment toward the broader Anil Dhirubhai Ambani Group (ADAG) may remain cautious in the near term.
Legal experts weigh in
Legal experts note that asset attachment under the PMLA is a provisional measure, and the final confiscation will depend on the outcome of adjudication proceedings. If the accused can establish the legitimate source of funds and their lawful use, the assets may be released.
Senior advocate Pavan Duggal commented, “Such attachments are part of a broader legal strategy by the ED to prevent disposal or alienation of assets during ongoing investigations. However, due process must be followed, and the accused retains the right to appeal before the PMLA appellate tribunal.”
What happens next
The ED is likely to file a supplementary chargesheet in the coming weeks, consolidating findings from multiple ongoing investigations. The agency is also coordinating with foreign jurisdictions to gather evidence related to overseas transactions and beneficial ownership of companies involved.
If proven, the alleged laundering network could be one of the largest financial crimes linked to a single Indian corporate group in recent times.
Background on Anil Ambani’s financial downfall
Once ranked among the richest individuals in the world, Anil Ambani’s business fortunes declined sharply after the split of the Reliance empire in 2005. While his brother Mukesh Ambani grew Reliance Industries into a global powerhouse, Anil’s companies — spanning telecom, power, and infrastructure — struggled under rising debt and competitive pressures.
His flagship, Reliance Communications, eventually filed for bankruptcy in 2019 after being unable to sustain operations in the fiercely competitive telecom sector.
Conclusion
The ED’s ₹3,000 crore attachment represents another setback in Anil Ambani’s long-running battle to revive his once-sprawling business empire. As the case unfolds, it remains to be seen whether the former tycoon can successfully defend himself and his companies against charges of money laundering and financial misconduct.
Summary
The ED has attached assets worth over ₹3,000 crore linked to Anil Ambani in a money laundering case involving alleged loan diversions from banks by his Reliance ADA Group companies.