Reliance Group on Friday denied allegations against it for a fraud of over ₹17,000 crore after the ED summoned Anil Ambani, the Chairperson and Managing Director of the group.

Reliance Group sources have said that the matter related to Reliance Infra (of the ₹10,000 crore diversion of funds) was publicly disclosed on February 9 and was not discovered by SEBI.

Anil Ambani, 66, has been summoned by the ED on August 5 for questioning regarding a money laundering case linked to alleged bank loan fraud of his group of companies. The ED will record his statement under provisions of the Prevention of Money Laundering Act (PMLA) once he deposes at his headquarters in New Delhi.

The ED had last week raided 35 premises of 50 companies as well as 25 people, including Ambani’s business executives.

On the basis of a SEBI report, the ED found that R Infra “diverted” funds disguised as inter-corporate deposits (ICDs) to Reliance Group, without disclosing the company as a “related party”.

“Reliance Infrastructure publicly disclosed this matter on 9 February 2025, and SEBI did not make any independent discovery,” they said.

Reliance Infra had an exposure of ₹6,500 crore. The allegation that the diverted amount is ₹10,000 crore only serves to sensationalise the magnitude and is not based on facts, the sources said.

“Reliance Infra diligently pursued recovery of its dues in this matter,” they said.

“Through mandatory mediation proceedings conducted by a retired Supreme Court judge and filed before the Bombay High Court, Reliance Infra arrived at a settlement to recover its entire exposure of ₹6,500 crore,” they said.

“The Odisha distribution companies contemplated in the settlement are operational, and their recovery is pending before the courts. This amount is fully recoverable, contrary to the allegations,” the company sources added.

Reliance Infrastructure Official Statement

Reliance Infrastructure has also released an official statement regarding the matter. Read it here:

The company wishes to clarify regarding today’s media reports pertaining to over 10 year old matter as regards alleged diversion of Rs. 10,000 crore to an undisclosed related party, when the exposure as per the disclosures in the Company’s financial statements is only around Rs. 6,500 crore.

In this connection attention is invited that Reliance Infrastructure had publicly disclosed this matter on 9 February 2025, nearly 6 months ago.

Reliance Infrastructure Limited had a net exposure of ~Rs. 6,500 crore which was duly disclosed in its financial statements since 4 years. Reliance Infrastructure diligently pursued recovery of its dues in this matter. Through mandatory mediation proceedings conducted by a retired Supreme Court Judge and the mediation award filed before the Hon’ble Bombay

High Court, Reliance Infrastructure arrived at a settlement to recover its 100% exposure of ~Rs. 6,500 crore.

Further, Mr. Anil D. Ambani is not on the Board of Reliance Infrastructure since more than 3 years i.e. March 2022.

What are ED’s allegations against Anil Ambani?

The Enforcement Directorate had last week said that its investigation against Anil Ambani is linked to allegations of illegal loan diversion of around ₹3,000 crore sanctioned by the Yes Bank to his companies between 2017 and 2019.

According to sources quoted by PTI, the ED has found that just before the loan was granted, Yes Bank promoters “received” money in their concerns.

The central investigative agency is probing this nexus of “bribe” and the loan.

An alleged loan fund diversion of about ₹10,000 crore involving Reliance Infrastructure is under the scanner of the agency.