Mumbai: The regulatory scrutiny around Anil Ambani’s Reliance Group has intensified as the Ministry of Corporate Affairs (MCA) has ordered a fresh investigation into suspected diversion of funds and violations under the Companies Act. The matter has now been handed over to the Serious Fraud Investigation Office (SFIO), following preliminary findings suggesting large-scale financial irregularities across several group entities.
According to sources, the companies under scrutiny include Reliance Infrastructure, Reliance Communications, Reliance Commercial Finance, and CLE Pvt Ltd. The SFIO will trace the flow of funds between group entities, identify possible beneficiaries, and examine senior management accountability in connection with the alleged irregularities.
Preliminary findings reveal potential large-scale violations
Officials familiar with the development said that the MCA’s initial examination had flagged multiple instances of siphoning of funds, round-tripping, and non-compliance with disclosure norms. These findings prompted the government to escalate the matter to the SFIO for a forensic-level investigation.
The SFIO, which operates under the MCA, is empowered to conduct multi-agency probes involving complex corporate frauds. Sources indicated that the agency will focus on fund transfers between subsidiaries, foreign entities, and related companies that may have breached financial regulations.
ED and CBI continue parallel investigations
This development comes even as the Enforcement Directorate (ED) and the Central Bureau of Investigation (CBI) continue their parallel probes into the debt-ridden Reliance Group’s financial dealings. Earlier this week, the ED attached assets worth nearly ₹7,500 crore belonging to Reliance Infrastructure and other related firms.
The attached properties reportedly include 30 assets of Reliance Infrastructure and holdings connected to companies such as Adhar Property Consultancy, Mohanbir Hi-tech Build, Gamesa Investment Management, Vihaan43 Realty, and Campion Properties. These attachments are linked to what the agency has described as a multi-crore bank fraud case.
Loans worth ₹40,185 crore under scrutiny
The ED’s case centres on loans raised by Reliance Communications (RCOM) and its subsidiaries between 2010 and 2012. Investigators allege that a significant portion of the funds was diverted through layered transactions, funnelled to related parties, and used to service older debt, violating loan terms.
“From around 2010–12 onwards, RCOM and its group companies raised thousands of crores from Indian banks, of which ₹19,694 crore remains outstanding. These loans have since turned non-performing assets (NPAs), and five banks have classified RCOM’s accounts as fraudulent,” the ED said in a statement.
The agency further claims that at least ₹13,600 crore was diverted, with part of the money allegedly transferred to overseas entities. The probe names Reliance Home Finance, Reliance Commercial Finance, Reliance Infrastructure, and Reliance Power as participants in the alleged financial mismanagement.
CBI raids and arrests deepen the case
In August, the CBI and ED conducted coordinated searches at the residences and offices of Anil Ambani and several senior officials linked to the group. A senior finance executive was later arrested in connection with the investigation.
Officials said that these raids were aimed at gathering evidence related to fund movement and identifying possible shell companies used to channel money. Documents, hard drives, and financial records seized during the raids are now being examined by both agencies.
Legal and financial troubles mount for the conglomerate
The Reliance Anil Ambani Group, once among India’s leading corporate houses, has been battling insolvency and debt recovery cases for years. Reliance Communications is already undergoing insolvency proceedings, while other group entities face lawsuits and lender actions over unpaid dues.
The MCA’s decision to escalate the case to the SFIO marks a significant step-up in regulatory action, signalling the government’s intent to ensure corporate accountability and transparency.
Industry observers believe the combined efforts of the SFIO, ED, and CBI could lead to a comprehensive forensic mapping of fund flows within the Reliance Group, potentially resulting in criminal prosecution or management restrictions depending on the findings.