News Flash
MUMBAI, India, Nov 4, 2025 (BSS/AFP) - India's top financial crimes agency
said it had seized properties worth over $846 million from firms linked to
beleaguered tycoon Anil Ambani as part of a bank fraud probe.
Anil, the younger sibling of Asia's richest person Mukesh Ambani, has
business interests ranging from power to defence but has seen his fortunes
wane over the last two decades.
In recent months, the industrialist has attracted law enforcement scrutiny
with investigators probing alleged crimes ranging from diversion of bank
loans to money laundering.
On Monday evening, the Enforcement Directorate (ED) said it had frozen assets
worth more than 75 billion rupees, including office premises, residential
units and over 132 acres (53 hectares) of land as part of its investigation.
The agency said it had "detected fraudulent diversion of public money by
various Reliance Anil Ambani group companies" and that it was "committed to
restituting" the proceeds of these crimes to "their rightful claimants".
The ED also said it had initiated the probe based on a criminal case filed by
the Central Bureau of Investigation (CBI) in August.
Reliance Infrastructure, an Anil Ambani-controlled firm, said in a Monday
statement that the ED's decision to seize company assets would have "no
impact" on business operations.
The CBI case stems from a fraud complaint received by the State Bank of
India, the country's largest lender, which claimed it was hit with a loss of
29.29 billion rupees after Reliance Communications "misappropriated" bank
funds.
A Reliance spokesperson said at the time that the tycoon "strongly denies all
allegations and charges" and "will duly defend himself".
Anil was last in the public spotlight seven years ago after India's
opposition leader Rahul Gandhi accused him and Prime Minister Narendra Modi
of dodgy dealings related to the purchase of Rafale jets from France --
allegations that both denied.
India's Supreme Court in December 2018 dismissed calls for a probe into the
jet deal.
