In a significant escalation of its probe into the Yes Bank fraud case, the Enforcement Directorate (ED) has attached assets belonging to the Reliance Anil Ambani Group valued at approximately Rs 1,120 crore. This latest move pushes the total value of properties seized from the group in this ongoing investigation beyond the staggering Rs 10,000 crore mark.
Details of the Latest Asset Attachment
According to an official statement released on December 5, 2025, the federal agency has seized a diverse portfolio of assets. The attached properties include 18 assets, fixed deposits, bank balances, and shareholdings in unquoted investments. The list encompasses seven properties from Reliance Infrastructure Ltd (RIL), two from Reliance Power Ltd, and nine from Reliance Value Service Pvt Ltd.
Furthermore, the ED has attached fixed deposits held in the names of several entities, including Reliance Venture Asset Management Pvt Ltd, Phi Management Solutions Pvt Ltd, Adhar Property Consultancy Pvt Ltd, and Gamesa Investment Management Pvt Ltd. Unquoted investments made by Reliance Venture Asset Management and Phi Management Solutions have also been seized under the provisions of the Prevention of Money Laundering Act (PMLA).
Cumulative Attachments Cross Rs 10,117 Crore
This fresh attachment is part of a larger investigation into alleged bank fraud involving Reliance Communications Ltd (RCOM), Reliance Commercial Finance Ltd (RCFL), and Reliance Home Finance Ltd (RHFL). Prior to this action, the ED had already attached properties worth over Rs 8,997 crore in connection with these companies. With the new seizures, the cumulative value of attached assets from the Anil Ambani-led group has now reached approximately Rs 10,117 crore.
The agency's spokesperson confirmed that the investigation has uncovered a complex web of fraudulent diversion of public money by various group companies, including RCOM, RHFL, RCFL, RIL, and Reliance Power Ltd.
The Yes Bank Connection and Fund Routing
The ED's probe focuses on substantial investments made by Yes Bank in instruments of Reliance Home Finance and Reliance Commercial Finance. Between 2017 and 2019, Yes Bank invested Rs 2,965 crore in RHFL and Rs 2,045 crore in RCFL. By December 2019, these investments had turned non-performing, with outstanding amounts of Rs 1,353.50 crore for RHFL and Rs 1,984 crore for RCFL.
Investigators allege a circuitous route was used to funnel money. The statement claims that before Yes Bank invested in the Anil Ambani group companies, it had received significant funds from the erstwhile Reliance Nippon Mutual Fund. Due to SEBI's conflict-of-interest rules, the mutual fund could not directly invest in the group's finance companies. Public money from mutual fund schemes was allegedly routed indirectly through Yes Bank's exposures, eventually reaching the group companies.
The ED is also investigating based on a CBI FIR against Reliance Communications and Anil Ambani. The probe has revealed that RCOM and its group companies availed loans totaling Rs 40,185 crore from domestic and foreign lenders from 2010-12 onwards, which remains outstanding. Nine banks have declared the group's loan accounts as fraud.
Alleged fund diversions include over Rs 13,600 crore for evergreening loans, over Rs 12,600 crore to connected parties, and over Rs 1,800 crore invested in fixed deposits and mutual funds, which were later liquidated and rerouted. The ED has also detected misuse of bill discounting to funnel funds and noted that certain loans were siphoned abroad through foreign outward remittances.
Anil Ambani was recently summoned to appear before the investigating officer in Delhi, following an earlier eight-hour questioning session by the agency in the same case. A query has been sent to his spokesperson, and a reply is awaited.
