Reliance Home Fin.

July 8 (Reuters) -

• INDIA'S ENFORCEMENT DIRECTORATE X POST: ED CONDUCTED SEARCH OPERATIONS AGAINST KEY EMPLOYEE AND ENTITY OF RELIANCE ANIL AMBANI GROUP

• INDIA'S ED: INCRIMINATING DOCUMENTS, EVIDENCE RELATING TO SUSPICIOUS TRANSACTIONS LINKED TO RELIANCE ANIL AMBANI GROUP WERE SEIZED

Further company coverage: RLIC.NS

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March 12 (Reuters) - India's financial crimes agency has frozen 5.82 billion rupees ($63.07 million) worth of properties linked to Reliance Home Finance Limited RLIC.NS and Reliance Commercial Finance, the Enforcement Directorate said on Thursday.

• The move followed search operations conducted on March 6 in the case of Reliance Power Limited RPOL.NS under the foreign-exchange regulation law.

• With this, the cumulative Reliance Anil Ambani Group attachment has reached 163.10 bln rupees.

• ED said it began the probe on July 22, 2025 based on multiple FIRs from the Central Bureau of Investigation involving cheating and criminal conspiracy, following complaints by Yes Bank YESB.NS, Union Bank of India UNBK.NS and Bank of Maharashtra BMBK.NS.

• The agency said Reliance Home Finance and Reliance Commercial Finance raised over 110 billion rupees in public funds from banks.

• It found public funds were diverted to various Reliance Group companies through numerous shell entities controlled by the Anil Ambani-led group.

• ED said it is pursuing those involved and working towards recovering the diverted funds for rightful claimants and further investigation is ongoing.

• A query sent to Anil Ambani's Reliance group was not immediately answered.

($1 = 92.2770 Indian rupees)

(Reporting by Nikunj Ohri and Meenakshi Maidas in Bengaluru; Editing by Krishna Chandra Eluri)

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Sept 18 (Reuters) - India's federal investigating agency said on Thursday it has filed chargesheets in cases connected to "fraudulent" transactions between Anil Ambani's companies, Yes Bank YESB.NS and firms owned by the lender's former top boss.

Central Bureau of Investigation (CBI) said that Yes Bank invested over 50 billion rupees ($567.21 million) in two Ambani-controlled companies in 2017, with approval from the bank's former CEO Rana Kapoor, despite rating agencies flagging financial risks.

The agency said the funds were later siphoned off, demonstrating a systematic diversion of public money.

CBI said that Kapoor "abused" his position to channel Yes Bank's funds into financially troubled Ambani group firms, which in return extended concessional loans to companies linked to Kapoor's family.

The arrangement resulted in a loss of 27.97 billion Indian rupees ($317.29 million) to Yes Bank and led to unlawful gains for Ambani's firms and the companies linked to Kapoor's family, CBI said.

Anil Ambani's spokesperson and Rana Kapoor did not immediately respond to Reuters' requests for comment.

($1 = 88.1540 Indian rupees)

(Reporting by Nishit Navin; Editing by Shinjini Ganguli)

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Adds comments from Reliance Group source in paragraphs 5-6, government source in paragraphs 18, 19

By Nikunj Ohri

NEW DELHI, July 24 (Reuters) - India's financial crime-fighting agency searched 35 locations linked to Reliance Anil Ambani Group as part of an investigation into alleged money laundering and siphoning of public funds, a government source said on Thursday.

The Enforcement Directorate alleges the group orchestrated a "well-planned" scheme to siphon off 30 billion rupees ($350 million) in loans from YES Bank YESB.NS to many shell companies between 2017 and 2019, the source said on condition of anonymity, as he was not authorised to speak to the media.

Anil Ambani's Reliance Group entities are accused of paying bribes to YES Bank officials before loans were disbursed, the source said, adding that loan approvals violated the bank’s processes.

The probe also found gross violations in YES Bank’s loan approval process, such as lending to companies with weak financials, backdating credit memos, "evergreening" loans - issuing fresh loans to avoid labelling assets as non-performing - and misrepresenting financials.

A Reliance Group source said YES Bank had granted loans to Anil Ambani's entities after following the due process, and the entire exposure was fully secured.

The allegation that bribes were given to secure loans was incorrect, the source said, adding that Reliance Home Finance (RHFL) extended fully secured loans on merit to privately-held companies of Rana Kapoor, the erstwhile promoter of YES Bank.

These loans were fully repaid, including interest, the source said.

Representatives for Reliance Group and YES Bank did not respond to requests for comment.

Several group firms of Anil Ambani, the younger brother of billionaire Mukesh Ambani, have gone into bankruptcy since 2017.

YES Bank, from which Anil Ambani group firms had borrowed heavily, was declared insolvent in 2020 and rescued by a group of Indian lenders in a plan approved by the central bank. Japan's Sumitomo Mitsui Banking Corp is seeking a 20% stake in a deal that has yet to get regulatory approval.

Kapoor was charged with bank fraud by the financial crime agency in 2020 and later arrested. He pleaded not guilty and was granted bail in 2024 by a special court in India's financial capital of Mumbai, according to local media reports.

REGULATORY ACTIONS

The financial crime agency can now seize or attach assets of Anil Ambani entities as the "proceeds of crime", said Debopriyo Moulik, a lawyer at India's Supreme Court. However, the group companies can challenge the agency's findings in court, he said.

Anil Ambani's group entities have been subject to several regulatory actions in recent years. In August 2024, the markets regulator SEBI barred Anil Ambani and 24 others from securities markets for five years, citing fund diversion from Reliance Home Finance.

The markets regulator has shared findings of its investigation on Reliance Home Finance with the financial crime agency, which is likely to investigate a sharp rise in corporate loans granted by the finance company, the source said.

Shares of Reliance Infrastructure RLIN.NS and Reliance Power RPOL.NS fell as much as 5% on Thursday after the news of the latest probe.

The companies issued similar statements to Indian stock exchanges saying the agency's actions "have absolutely no impact on the business operations, financial performance, shareholders, employees, or any other stakeholders" of the two companies.

"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," the statements said.

However, the government source said the agency's investigation found Reliance Infrastructure diverted over 100 billion rupees disguised as inter-corporate deposits (ICD) to other Reliance group entities through an undisclosed, but related entity. ICDs are unsecured loans extended by one company to another.

An undisclosed related entity was used to bypass approvals from shareholders and the audit committee, the source said. The Reliance Group did not immediately respond to a separate Reuters' request seeking a comment on these allegations.

Reliance Group's businesses range from defence to power and infrastructure, although Ambani himself is not on the boards of any listed entities, following orders passed by the market regulator, which Ambani has challenged.

($1 = 86.3300 Indian rupees)

(Reporting by Nikunj Ohri in New Delhi; Writing by Shubham Batra; Editing by William Mallard and Rachna Uppal)

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** Shares of Anil Ambani's Reliance Group companies drop on Mon, extending losses to 9-11% in past two sessions

** Reliance Infrastructure RLIN.NS and Reliance Home Finance RLIC.NS erase all YTD gains

** Losses after Indian markets regulator SEBI late on Thurs banned Ambani, 24 others from securities market for 5 years on charges of funds diversion

** Ambani is reviewing order, his spokesperson said

** Reliance Infrastructure down 11.3% in two days

** Reliance Home Finance down 10% in two days

** Reliance Power RPOL.NS down 9.7% in two days, but is still up 40.6% for the year

(Reporting by Ashna Teresa Britto in Bengaluru)

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Adds shares in paragraph 9, details from the order from paragraph 10, other detail and backgroud throughout

By Jayshree P Upadhyay

MUMBAI, Aug 23 (Reuters) - India's markets regulator late on Thursday banned Anil Ambani, one of India's best-known businessmen, and 24 others from the securities market for five years on charges of diversion of funds.

The Securities and Exchange Board of India (SEBI) also imposed a fine of 250 million rupees (about $3 million) on Ambani, saying he orchestrated a scheme to "siphon off" funds from Reliance Home Finance Ltd >, a listed subsidiary of conglomerate Reliance Group of which he is chairman.

The ban means Ambani and the others affected are restrained from accessing the securities market and prohibited from buying, selling or otherwise dealing in securities, directly or indirectly, the regulator said.

The regulator said the "fraudulent" scheme was to "siphon off" funds from Reliance Home Finance, which provides loans for housing and construction, by structuring those funds as loans to credit-unworthy borrowers.

Most of these borrowers were linked to "promoters", an Indian term for large shareholders with the ability to influence company decisions, the SEBI added.

A spokesperson for Reliance Group did not immediately respond to an email seeking comment.

Reliance Group - which spans financial services, infrastructure and telecommunications - was created in July 2006 following a demerger from Reliance Industries Ltd RELI.NS, which is led by Anil's brother Mukesh Ambani.

Anil has seen three of the largest firms within the group, including Reliance Communications, Reliance Capital and Reliance Infrastructure, undergoing bankruptcy or debt restructuring.

Reliance Home Finance RLIC.NS shares shed 5%, while among other listed entities within the group, Reliance Infrastructure RLIN.NS shares were down nearly 13% and Reliance Power RPOL.NS dropped 5% as of 1:24 p.m. IST (0754 GMT).

The regulator charged Anil Ambani on two grounds - diversion of substantial funds of the company to the detriment of the company and its stakeholders, and for acts of concealment from shareholders by manipulating its financial accounts.

The regulator said more than 90 billion Indian rupees worth of loans from Reliance Home Finance were made to "non-descript borrowers who had no demonstrable financial ability to repay any of it".

In addition, it said more than 50 billion rupees worth of loans were granted to entities connected to promoters of Reliance Group.

Given the obvious credit weaknesses of the borrowers, the probability of default by such borrowers - and hence the expected credit losses - was considerably higher than acknowledged in the financial statements, SEBI said.

“The facts of this case are particularly disturbing since it reveals a complete breakdown of governance in a large listed company, apparently orchestrated by and/ or at the behest of the promoter aided by the indulgent management of the company,” SEBI added.

The other 24 banned include executives of Reliance Group and other unlisted companies connected to Anil Ambani.
($1 = 83.8620 Indian rupees)

(Reporting by Jayshree P Upadhyay in Mumbai and Hritam Mukherjee in Bengaluru; Editing by Savio D'Souza and David Holmes)

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Jan 26 (Reuters) - Reliance Home Finance Ltd RLIC.NS:

• RBI APPROVED CO'S APPLICATION FOR SURRENDER OF CERTIFICATE OF REGISTRATION

Source text for Eikon: ID:nBSEbJshP8

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Jan 11 (Reuters) - Reliance Home Finance Ltd RLIC.NS:

• PRASHANT UTREJA CEASED TO BE CHIEF EXECUTIVE OFFICER

Source text for Eikon: ID:nBSE8scdmw

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June 28 (Reuters) - Reliance Home Finance Ltd RLIC.NS:

• RELIANCE CAPITAL CUTS STAKE IN CO BY 2.01% TO 45.90%

Source text for Eikon: ID:nBSE27vB6W

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