CBI Raids Anil Ambani’s Premises in Rs 17,000 Crore Bank Fraud Probe; ED Expands Investigation

CBI Raids Anil Ambani’s Premises in Rs 17,000 Crore Bank Fraud Probe; ED Expands Investigation

Days after summoning Anil Ambani, the ED also issued summons to several of his top executives for questioning under the Prevention of Money Laundering Act (PMLA).

RMN News Legal Desk
August 23, 2025

New Delhi: The Central Bureau of Investigation (CBI) on Saturday (August 23) raided premises linked to industrialist Anil Ambani, including his residence in Mumbai, as part of an investigation into an alleged bank fraud case that sources indicate could involve up to Rs 17,000 crore. The searches are connected to an alleged fraud that caused a loss of over Rs 2,000 crore to the State Bank of India (SBI), with the agency having registered a case against Reliance Communications (RCom) for these losses.

According to an India Today report of August 23, CBI officials arrived at Ambani’s residence at Seawind, Cuffe Parade, around 7 am, with seven to eight officials conducting searches while Ambani and his family were present. The searches were aimed at gathering crucial documents and digital evidence to ascertain how bank funds were misused and whether loans were diverted.

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Key Details from the Investigations:

• SBI’s Fraud Classification: SBI had classified RCom and Mr. Ambani as “fraud” on June 13 and reported it to the Reserve Bank of India (RBI) on June 24, as per RBI guidelines. The bank stated that it found deviation in the utilisation of loans, involving a complex web of fund movements across multiple group entities, and that sufficient reasons were not provided to explain non-adherence to loan terms.
• SBI’s Exposure: Minister of State for Finance Pankaj Chaudhary confirmed that SBI’s credit exposure in RCom includes a fund-based principal outstanding amount of Rs 2,227.64 crore and a non-fund-based Bank Guarantee of Rs 786.52 crore.
• ED’s Parallel Probe: The CBI raids occurred weeks after the Enforcement Directorate (ED) questioned Mr. Ambani in a money laundering case linked to alleged multiple bank loan fraud cases worth crores against his group companies. The ED’s investigation has widened into an alleged Rs 17,000 crore loan fraud case involving Ambani’s companies.
• Yes Bank Diversion: A preliminary ED investigation revealed that Rs 3,000 crore in loans from Yes Bank, disbursed between 2017 and 2019, were allegedly wrongfully diverted. Officials have also indicated a similar alleged fraud of over Rs 14,000 crore committed by Reliance Communications. The agency alleges an illegal quid pro quo arrangement where Yes Bank promoters allegedly received payments in privately-held concerns just before sanctioning loans.
• Executive Summons: Days after summoning Anil Ambani, the ED also issued summons to several of his top executives for questioning under the Prevention of Money Laundering Act (PMLA), including Amitabh Jhunjhunwala and Sateesh Seth. These executives had previously been under the ED’s radar during earlier searches.
• Recent Arrest: The ED recently made its first arrest in a related money laundering investigation, taking Partha Sarathi Biswal, Managing Director of Biswal Tradelink Pvt. Ltd. (BTPL), into custody under PMLA provisions. This case originated from an FIR filed by the Economic Offences Wing (EOW) of Delhi Police against BTPL for allegedly issuing a fake bank guarantee submitted to the Solar Energy Corporation of India (SECI).