Anil Ambani, who once ranked as the world’s sixth-richest individual with a peak net worth of around US$42 billion in 2008, has come under intensifying investigation by the Enforcement Directorate (ED) in India. The regulator has issued a formal lookout circular to prevent his exit from the country and has summoned him to appear for questioning this coming Tuesday in connection with an alleged ₹3,000 crore (approx. CAD $490M) loan fraud involving Yes Bank.
A lookout circular alerts airport and port authorities nationwide to detain individuals against whom legal action is ongoing if they attempt to travel abroad. Ambani’s summons marks a major escalation in the probe.
The ED alleges that between 2017 and 2019, significant loans were extended by Yes Bank to several Reliance Group entities. Close to loan sanction dates, bank promoters reportedly received large payments, suggesting a possible quid-pro-quo setup. These transactions are part of a broader money laundering investigation under the Prevention of Money Laundering Act (PMLA).
Beginning July 24, the ED executed raids across more than 50 premises tied to the case over a span of three days. Meanwhile, the agency has broadened its investigation to include allegations involving a ₹68.2 crore fake bank guarantee. Officials allege that Biswal Tradelink, a shell-company operator, issued the fraudulent guarantee to the Solar Energy Corporation of India (SECI) using a spoofed domain—s‑bi.co.in—closely resembling the State Bank of India’s official sbi.co.in, and communicated via fake emails.
Reliance Power and Reliance Infrastructure have acknowledged the ED’s actions but asserted that the raids have “absolutely no impact” on their financial standing, operations, shareholders, employees, or other stakeholders. They also clarified that media reports related to the probe concern old transactions involving Reliance Communications (RCOM) and Reliance Home Finance Limited (RHFL), over a decade old.
Once among the richest in Asia, Ambani’s dramatic decline is well documented. After embracing leadership roles in Reliance Communications, Power, Infrastructure, and Capital following the 2006 spinoff, he saw his fortune soar only to collapse under market pressures, debt accumulation, and failed investments, especially in telecom as Jio reshaped the landscape. By February 2020, he declared “zero net worth” in a UK court amid unresolved liabilities and legal disputes.
