Daijiworld Media Network - New Delhi

New Delhi, Jul 8: The Enforcement Directorate (ED) on Tuesday carried out searches at the offices of E-Complex Private Limited and the residence of one of its directors, recovering documents and records allegedly linked to suspicious financial transactions and assets connected with the Reliance Anil Ambani Group (RAAG), the agency said on Wednesday.

According to the ED, investigators seized several incriminating documents, records relating to immovable properties and other materials that are expected to aid the ongoing probe into the alleged bank loan diversion and money laundering case.

The agency alleged that its investigation has revealed the systematic diversion of public funds worth thousands of crores of rupees raised by Reliance Home Finance Limited (RHFL) and Reliance Commercial Finance Limited (RCFL). The funds were allegedly routed through a network of shell companies and group entities purportedly controlled by the Reliance Anil Ambani Group.

The ED claimed that corporate loans were sanctioned to these entities in violation of established lending norms, without adequate due diligence, proper documentation or assessment of their repayment capacity. According to the investigation, many of the beneficiary companies had weak financial profiles, lacked genuine business operations and had little ability to repay the loans.

Investigators further alleged that several directors of the shell companies were employees or close associates of the Reliance Anil Ambani Group and acted under instructions from the group's senior management.

The agency also claimed that the bank accounts and financial records of these entities were managed by officials associated with key group companies, including Reliance Infrastructure Limited, Reliance Power Limited and Reliance Capital Limited, indicating effective control over the shell firms.

The ED informed that it had filed a prosecution complaint before the Special Court under the Prevention of Money Laundering Act (PMLA) on June 12, 2026.

According to the agency, the alleged proceeds of crime identified in the case amount to Rs 15,548 crore. It said assets worth Rs 4,510 crore have so far been attached under the provisions of the PMLA, of which properties valued at Rs 3,926 crore have been confirmed by the Adjudicating Authority.

The agency also recalled that it had arrested former Reliance Capital Director Amitabh Jhunjhunwala and former Chief Financial Officer Amit Bapna on April 15, 2026, alleging their involvement in the diversion of funds from RHFL and RCFL. At the time, both finance companies were subsidiaries of Reliance Capital Limited. The two accused are currently in judicial custody.

The ED said further investigation is continuing.

The money laundering investigation stems from multiple FIRs registered by the Central Bureau of Investigation (CBI) following complaints from several financial institutions, including Yes Bank, Bank of Baroda, Bank of Maharashtra, Canara Bank, Indian Overseas Bank, Punjab National Bank, Punjab & Sind Bank, State Bank of India, UCO Bank, Union Bank of India and Axis Bank.