Anil Ambani’s Reliance Group Under Government Scanner as SFIO Launches Fresh Probe

The government has intensified its scrutiny of the Anil Ambani–led Reliance Anil Dhirubhai Ambani Group (ADAG), launching a fresh investigation led by the Serious Fraud Investigation Office (SFIO). The move marks a significant escalation in oversight, following months of actions by the Enforcement Directorate, the Central Bureau of Investigation, and market regulator SEBI.

This new phase aims to examine whether the group violated corporate governance norms, diverted funds, or used complex financial structures to conceal liabilities across its companies.

✅ Why the SFIO Has Stepped In

According to senior officials, the Ministry of Corporate Affairs (MCA) began evaluating a coordinated investigation after receiving multiple alerts from auditors and financial institutions. These alerts pointed to inconsistencies in financial disclosures and fund flow patterns among certain ADAG entities.

Banks that conducted forensic audits after the loan defaults of Reliance Capital and Reliance Communications (RCom) also raised red flags. Some reports indicated possible fund diversion, circular transactions, and unexplained related-party dealings.

The SFIO will now lead a deeper inquiry into whether these concerns signal systemic irregularities or deliberate financial misconduct.

✅ Companies Under Direct Scrutiny

At least four companies from the Reliance Group are currently under the SFIO’s lens:

• Reliance Infrastructure (RInfra)

• Reliance Communications (RCom)

• Reliance Commercial Finance Ltd (RCFL)

• CLE Pvt Ltd

Officials have indicated that more entities could be examined if fund movement links emerge during the investigation.

✅ What Triggered the Government’s Action?

The probe follows major enforcement activity by the ED, which attached assets worth nearly ₹7,500 crore in the past week in connection with alleged fund diversion. Among the attached assets are:

• Over 132 acres in Dhirubhai Ambani Knowledge City, Navi Mumbai

• A luxury residential property in Mumbai’s Pali Hill

• The Reliance Centre building in New Delhi

Investigators allege that between 2010 and 2012, several ADAG companies raised large loans from Indian banks, but substantial portions of these funds were rerouted for unrelated purposes—repaying older loans, moving money to related entities, investing temporarily in mutual funds, and “evergreening” debt.

The ED claims that around ₹13,600 crore was diverted through layered and complex transactions. Five banks have already classified RCom’s loan accounts as fraudulent.

✅ Reliance Group’s Stand

The group has consistently denied wrongdoing. Reliance Infrastructure has stated that the developments do not affect its business operations or stakeholders, adding that Anil Ambani has not served on the company’s board for more than three years.

✅ What Happens Next?

The SFIO will now trace financial flows, identify individuals responsible for key decisions, and determine whether corporate laws were violated. Depending on the findings, penalties, prosecution, or director disqualification may follow.

With multiple agencies probing various aspects of the group’s finances, the pressure on the Reliance Group is intensifying. The outcome of the SFIO inquiry will be pivotal in establishing whether public funds were misused—and who bears responsibility for it.