Anil Ambani Fraud Case 2025: ED Probes ₹2,929 Cr

Introduction

Industrialist Anil Ambani is once again under the scanner. On September 9, 2025, the Enforcement Directorate (ED) filed a fresh money laundering case against him and Reliance Communications (RCom), linked to an alleged ₹2,929 crore fraud at State Bank of India (SBI). This move comes after a recent CBI FIR and raids at Ambani’s Mumbai home and RCom premises, marking yet another setback for the debt-ridden Reliance Group.

What is the Issue?

At the heart of the case are allegations that RCom diverted bank loans instead of using them for their intended purposes. A forensic audit revealed irregularities involving ₹12,692 crore — about 41% of total loans worth ₹31,580 crore. Following this, SBI, Bank of India, and Bank of Baroda have all classified Ambani and RCom’s accounts as “fraud.” The ED is now investigating possible criminal conspiracy, cheating, and breach of trust.

Background

The trouble began much earlier. In October 2020, a forensic audit highlighted financial irregularities between 2013–2017. RCom’s struggles deepened when it shut mobile operations in December 2017, unable to survive Reliance Jio’s price war. By 2019, RCom entered the Corporate Insolvency Resolution Process (CIRP), but lenders are still awaiting a final resolution plan.

This is not the first time Ambani’s group has faced scrutiny — ED is already probing a larger ₹17,000 crore loan fraud, including alleged fund diversion from Yes Bank.

What’s Next for Anil Ambani?

• Legal Front: Ambani’s spokesperson insists he was a non-executive director and not involved in management decisions. However, with three major banks classifying him as “fraud,” the case could tighten around him.
• Financial Front: Being tagged under fraud restricts Ambani from accessing regulated credit for five years, hurting any chances of a corporate turnaround.
• Investigations Ahead: ED has already questioned close aides and is gathering loan records from nearly 20 banks. If proven, this could strengthen the case for criminal liability.

Conclusion

The fresh ED case is another major blow to Anil Ambani’s already weakened business empire. Once a telecom giant, RCom is now a bankrupt firm stuck in legal battles, while its former chairman fights to clear his name. The coming months will reveal whether Ambani can defend himself as merely a “symbolic director” or whether investigators will hold him accountable for one of India’s biggest banking frauds.