Chargesheet filed against Reliance Power in money-laundering case:Action comes after ED seized Anil Ambani’s additional ₹1,120-Cr assets

The Enforcement Directorate (ED) has filed a chargesheet against Anil Ambani’s Reliance Power Limited and 10 others in a money-laundering case tied to a ₹68.2-crore fraudulent bank guarantee in 2024. The fake guarantee was used to secure a tender from the Solar Energy Corporation of India (SECI), and the ED found that Reliance Group officials were fully aware of the fraud. What are the allegations? The ED alleges that Reliance Group officials, acting with “conviction” and “mala fide intent,” submitted fake guarantees to secure SECI tenders, including forged documents supposedly issued by foreign banks and falsely endorsed in SBI’s name. According to the agency, funds were misrouted and fabricated paperwork was used, with Reliance Power hiring Biswal Tradelink to produce bogus guarantees from First Rand Bank (Philippines) and ACE Investment Bank (Malaysia). The ED says these actions amount to an offense under the Prevention of Money Laundering Act (PMLA). Who are the main accused? What action did authorities take? The Delhi Police’s Economic Offence Wing (EOW) registered an FIR over the fraudulent guarantees in November 2024, after which the ED opened a money-laundering probe, arresting Ashok Pal and Amar Dutta—both now in judicial custody—and attaching assets worth ₹5.15 crore. The ED has since attached an additional ₹1,120 crore in assets belonging to Reliance Group Chairman Anil Ambani, taking total seizures to ₹10,117 crore. The latest action covers 18 properties, including the Reliance Centre in Mumbai’s Ballard Estate, fixed deposits of Reliance Venture Asset Management and Phi Management Solutions, multiple bank accounts, and other investments. The ED has also attached seven properties of Reliance Infrastructure, two of Reliance Power, and nine of Reliance Value Services. READ MORE | SC issues notice to Centre, ED, CBI, and Anil Ambani Anil Ambani’s Previously Attached Properties As part of the investigation in the bank loan fraud case, the ED had previously attached assets worth over ₹8,997 crore belonging to the Reliance Communications, Reliance Commercial Finance, and Reliance Home Finance. Furthermore, on Nov 20 this year, the ED attached properties worth about ₹1,400 crore linked to Anil Ambani in Navi Mumbai, Chennai, Pune, and Bhubaneswar. Similarly, on Nov 3, in a fund diversion case, a 132-acre land parcel linked to Anil Ambani’s Reliance Group was attached. The property, located in the Dhirubhai Ambani Knowledge City (DAKC) in Navi Mumbai, is valued at ₹4,462.81 crore. In addition, over 40 properties worth around ₹3,084 crore belonging to the group, including Anil Ambani’s Pali Hill house, were attached. READ MORE | From Bhajiya truck to Reliance, the journey of Dhirubhai Ambani Investigation reveals misuse of funds The ED probe found that there was large-scale misuse of funds in Reliance Home Finance (RHFL) and Reliance Commercial Finance (RCFL). Between 2017 and 2019, Yes Bank invested ₹2,965 crore in RHFL and ₹2,045 crore in RCFL, but by December 2019, these amounts became Non-Performing Assets (NPAs). RHFL’s ₹1,353 crore and RCFL’s ₹1,984 crore are still outstanding. In total, Yes Bank incurred a loss of over ₹2,700 crore. According to the ED, these funds were diverted to other companies of the Reliance Group. Several irregularities were also found in the loan approval process, such as some loans were applied, approved, and disbursed on the same day. Field checks and meetings were skipped. Also, many documents were found blank or dateless. ED called these lapses an ‘intentional control failure’. To unearth the scam, it launched probe under Section 5(1) of the PMLA Act. On Oct 31, 2025, it issued the attachment orders. ​