In fresh trouble for Reliance Group Chairman Anil Ambani, the Enforcement Directorate (ED) has issued a lookout circular against him in connection with the alleged ₹3,000-crore loan fraud involving Yes Bank, sources said on Friday.
The development came on the same day the ED summoned Ambani for questioning. He has been asked to appear before the agency on Tuesday.
A lookout circular (LOC) is typically issued to prevent individuals from leaving the country while under investigation.
It is circulated to all airports and seaports, alerting immigration authorities to detain the individual if they attempt to exit India.
The ED is probing the alleged diversion of loans worth ₹3,000 crore disbursed to Reliance Group companies by Yes Bank between 2017 and 2019.
Investigators suspect that payments were made to Yes Bank promoters just before loan sanctions, pointing to a possible quid pro quo.
On July 24, the agency launched a large-scale crackdown, conducting raids at over 50 firms connected to the case.
The searches continued for at least three days and were carried out under the Prevention of Money Laundering Act (PMLA).
Reliance Power and Reliance Infrastructure, both Reliance Group companies, acknowledged the ED’s actions in stock exchange filings but insisted the raids had “absolutely no impact” on their business operations, financial performance, or stakeholders.
They added, “The media reports appear to pertain to allegations concerning transactions of Reliance Communications Limited (RCOM) or Reliance Home Finance Limited (RHFL), which are over 10 years old.”
Fake Bank Guarantee Probe
In a separate but related development, the ED has also widened its investigation into alleged financial irregularities within the Reliance Group by probing a fake bank guarantee case worth ₹68.2 crore.
Officials said a company named Biswal Tradelink, which operated through multiple shell firms, issued a bogus bank guarantee to the Solar Energy Corporation of India (SECI).
The fake guarantee was sent using a spoofed domain—‘s-bi.co.in’—designed to mimic the official domain of the State Bank of India (sbi.co.in). Forged emails were reportedly used to deceive SECI and other parties.
The investigation is ongoing.
