More trouble for Anil Ambani’s Reliance Group as govt launches probe

The regulatory net has tightened further around Anil Ambani’s Reliance Group. After ongoing scrutiny by the Enforcement Directorate (ED), Central Bureau of Investigation (CBI) and the Securities and Exchange Board of India (SEBI), the Ministry of Corporate Affairs (MCA) has initiated a fresh probe into alleged diversion of funds across multiple group companies, including Reliance Infrastructure, Reliance Communications, Reliance Commercial Finance and CLE Pvt Ltd.
According to sources, the case has now been transferred to the Serious Fraud Investigation Office (SFIO) after the MCA’s preliminary findings indicated large-scale siphoning of funds and major violations under the Companies Act. The SFIO is expected to investigate the flow of money across group entities and pinpoint responsibility at the senior management level. Action will follow based on the outcome of the probe.
The move comes at a time when ED has stepped up enforcement against the debt-ridden conglomerate. Earlier this week, the agency attached assets worth nearly Rs 7,500 crore belonging to Reliance Group firms.
ED officials said the attached properties include 30 assets of Reliance Infrastructure, along with properties linked to Adhar Property Consultancy, Mohanbir Hi-tech Build, Gamesa Investment Management, Vihaan43 Realty and Campion Properties. These attachments are connected to what authorities describe as a multi-crore bank fraud case involving Reliance Infrastructure. The ED’s case centres around loans raised by Reliance Communications (RCOM) and its group companies between 2010 and 2012. As per the agency, the outstanding dues stand at Rs 40,185 crore, with five banks declaring the loan accounts fraudulent.