ED Opposes SIT Formation, Assures Swift Probe into Reliance Anil Ambani Group in Supreme Court
In a significant development, the Enforcement Directorate (ED) has informed the Supreme Court that it is conducting a swift, detailed, and impartial investigation into allegations against the Reliance Anil Ambani Group, opposing the need for a Special Investigation Team (SIT). This comes in response to a Public Interest Litigation (PIL) filed by former bureaucrat E A S Sharma, seeking a probe into corporate and bank frauds.
ED's Affidavit Details Opposition to SIT
In an affidavit filed before the Supreme Court, the ED stated that it is opposed to the Petitioner's plea for constitution of a Special Investigation Team. The agency emphasized that each law enforcement agency investigating the affairs of the Reliance Anil Ambani Group operates within its own statutory domain. The ED highlighted its specialized forensic, financial, and technical expertise, asserting it is statutorily empowered to handle complex investigations.
The affidavit further noted that the ED has filed a status report in a sealed cover, demonstrating its professional approach within the statutory mandate. It added that the agency is coordinating with other law enforcement agencies, sharing information under section 66(2) of the Prevention of Money Laundering Act (PMLA), and following up for expedited information exchange.
Three ECIRs and FEMA Cases Recorded
The ED disclosed that it has recorded three distinct Enforcement Case Information Reports (ECIRs) for money laundering offences against the group. Additionally, three case files have been opened for violations under the Foreign Exchange Management Act, 1999 (FEMA). Key details include:
- The first ECIR involving RPower was recorded on June 16, 2025, based on an FIR by the Delhi Police Economic Offences Wing.
- The second ECIR was recorded on July 22, 2025, based on CBI FIRs related to Yes Bank investments in Reliance Commercial Finance Limited and Reliance Home Finance Limited, which became non-performing assets.
- An addendum to this ECIR was issued on December 10, 2025, to include a CBI FIR from Union Bank of India concerning credit facilities to RHFL, with outstanding dues of Rs 7,228.06 crore.
- The third ECIR was recorded on August 26, 2025, based on a CBI FIR against Reliance Communications Limited and others, with outstanding loans of Rs 740,185.55 crore.
During search operations, the ED seized a large volume of incriminating evidence, including digital devices, currency, and documents. The Adjudicating Authority has confirmed the retention of this evidence.
Financial Defaults and Proceeds of Crime
The ED's investigation revealed substantial financial defaults by group companies. For Reliance Home Finance Limited (RHFL), a default of Rs 7,523.46 crore against 33 lenders was found, with only Rs 2,116.28 crore recovered, leaving Rs 5,407.18 crore as proceeds of crime. Similarly, Reliance Commercial Finance Limited (RCFL) defaulted on Rs 78,226.05 crore against 21 lenders, with only Rs 1,945.48 crore recovered, resulting in Rs 76,280.57 crore as proceeds of crime.
On the FEMA front, the ED initiated an investigation on May 9, 2023, into allegations of funds siphoning from India to the United Arab Emirates by Reliance Infrastructure Limited. Searches conducted on September 30, 2025, led to the seizure of digital devices and documents.
Supreme Court's Involvement and Next Steps
The Supreme Court, led by Chief Justice Surya Kant and Justice Joymalya Bagchi, had sought a status report from the ED on January 23. The court is now seized of the PIL, and the ED's affidavit aims to assure a thorough probe without external oversight. The agency's stance underscores its commitment to a coordinated and professional investigation, leveraging its statutory powers to address the complex financial irregularities alleged.
This case highlights the ongoing scrutiny of corporate governance and financial practices in India, with the ED playing a pivotal role in enforcing anti-money laundering and foreign exchange laws. The Supreme Court's monitoring ensures transparency and accountability in the investigative process.
