New Delhi, July 8 (IANS): The Enforcement Directorate (ED) conducted search operations on Tuesday at the premises of M/s E-Complex Private Limited and the residential premises of one of its directors, which resulted in the detection and seizure of evidence pertaining to suspicious transactions and assets beneficially owned or controlled by Reliance Anil Ambani Group, according to an official statement issued on Wednesday.

During the search operations, several incriminating documents, records relating to immovable properties and other evidentiary materials related to the bank scam case were seized, the statement said.

Investigation conducted so far has revealed that public funds amounting to thousands of crores of rupees, raised by Reliance Home Finance Limited (RHFL) and Reliance Commercial Finance Limited (RCFL), were systematically diverted through a web of shell and group companies controlled and managed by the Reliance Anil Ambani Group. Corporate loans were sanctioned to these entities in gross violation of prudent lending norms, without adequate due diligence, proper documentation or assessment of creditworthiness. The beneficiary entities were found to be financially weak, lacking genuine business operations and possessing little or no repayment capacity.

Investigation has further revealed that the directors of these shell entities were employees or close associates of the Reliance Anil Ambani Group and functioned under the directions of the senior management of the Group. The bank accounts and books of account of these entities were operated and maintained by officials of flagship group companies, including Reliance Infrastructure Limited, Reliance Power Limited and Reliance Capital Limited, thereby establishing their effective control over these shell entities.

ED had filed a Prosecution Complaint before the Special Court (PMLA) on June 12, 2026, in this case.

Total Proceeds of crime of Rs 15,548 crore have been quantified in the case, and properties amounting to Rs 4,510 crore have been attached till now under the provisions of the PMLA. Attached properties amounting to Rs 3,926 crores have been confirmed by the Adjudicating Authority till date.

Earlier, the ED had arrested Amitabh Jhunjhunwala (Ex-Director of Reliance Capital Limited) and Amit Bapna (Ex- CFO of Reliance Capital Limited) on April 15, 2026, in the case for their active involvement in the diversion of funds from RHFL and RCFL. At the relevant time, both RHFL and RCFL were subsidiaries of Reliance Capital Limited. Both accused are presently in judicial custody.

Further investigation is still in progress, the statement added.

ED is investigating cases pertaining to the diversion and siphoning of public funds by Reliance Home Finance Limited (RHFL) and Reliance Commercial Finance Limited (RCFL) under the provisions of the Prevention of Money Laundering Act (PMLA), 2002. The Enforcement Directorate initiated an investigation based on multiple FIRs registered by the Central Bureau of Investigation (CBI), Delhi, pursuant to complaints filed by 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 Limited.

–IANS

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