Anil Ambani Under ED Scanner Again: Raids Linked to Yes Bank Deal, Money Laundering & Stock Market Volatility
Detailed analysis of ED raids on Anil Ambani in connection with Yes Bank transactions, money laundering charges, and impact on Reliance Power and Infra shares.
NewsSutra
Mumbai — Once among the world's richest businessmen, Anil Ambani is back in the spotlight, this time under the lens of the Enforcement Directorate (ED). A series of coordinated ED raids on properties linked to Ambani have brought fresh attention to long-simmering allegations of money laundering, corporate mismanagement, and questionable financial dealings involving Yes Bank, Reliance Power, and Reliance Infrastructure.
The investigation is part of a broader probe into alleged financial irregularities and suspicious fund flows between Yes Bank and companies associated with the Reliance Group, specifically during the time when Rana Kapoor, former Yes Bank CEO, was accused of granting loans in exchange for kickbacks. The ripple effects have been visible across Dalal Street, where the Reliance Power share price and Reliance Infra stock have shown volatility amid the news.
ED Raids on Anil Ambani: What We Know So Far
The ED raids on Anil Ambani took place across multiple premises in Mumbai and Delhi, including corporate offices and residences linked to Reliance Group entities. According to senior officials, the searches were part of a probe under the Prevention of Money Laundering Act (PMLA).
Sources close to the matter revealed that the raids were triggered by suspicious loan disbursements and fund transfers involving Yes Bank and Reliance Group subsidiaries, including Reliance Power and Reliance Infrastructure. The ED believes that Anil Ambani, through various shell companies, routed significant sums of money for questionable purposes.
A senior ED official said, “The focus is on understanding the trail of money originating from Yes Bank, how it was used, and whether any part of it was siphoned off or laundered through layered transactions.”
The Yes Bank Connection: Loans, Defaults, and Kickbacks
The core of the investigation lies in a financial link between Yes Bank and Reliance Group firms. During 2017–2019, Yes Bank reportedly extended over ₹12,800 crore in loans to entities related to Anil Ambani. These loans, many of which have since turned into non-performing assets (NPAs), were allegedly sanctioned without adequate collateral or due diligence.
In exchange, Rana Kapoor's family members reportedly received investments from Reliance Group companies in the form of purchase of debentures and shares. The ED is now investigating whether this exchange qualifies as a quid pro quo arrangement.
Notably, in 2020, Anil Ambani was questioned by the ED in a related matter. At that time, Ambani claimed that all loans taken from Yes Bank were lawfully repaid or settled. However, the current raids suggest that new evidence or revelations may have emerged since then.
Stock Market Reaction: Turmoil in Reliance Group Shares
News of the ED raids on Anil Ambani sent shockwaves through the stock market. Shares of Reliance Power (RPower) and Reliance Infrastructure witnessed increased volatility, with many investors fearing regulatory clampdowns or liquidity stress.
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Reliance Power Share Price: After a modest rally in previous weeks, RPower shares slipped nearly 7% on the BSE following news of the raids. Market participants are cautious, fearing prolonged scrutiny and potential damage to the group’s credit profile.
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Reliance Infra Share Price: Similarly, Reliance Infrastructure saw its stock fall by 5% intraday. Though some recovery was observed by market close, investor sentiment remains jittery.
Analysts believe that unless the company comes forward with clarifications or strategic plans, uncertainty will continue to weigh down the stock. According to Moneycontrol, Reliance Power’s debt burden remains a key concern for institutional investors.
Legal Implications and Financial Fallout
Legal experts suggest that if charges are filed under the PMLA, it could lead to attachment of properties, freezing of bank accounts, and possibly arrests. For a conglomerate already under financial strain, such action could cripple its capacity to raise funds or pursue restructuring.
In 2020, Anil Ambani had claimed in a UK court that his net worth was “zero” and that he had no resources to repay debts. However, recent disclosures and asset valuations suggest otherwise, prompting questions around asset concealment and potential perjury.
If proven, money laundering charges could severely dent Anil Ambani’s public image and investor confidence in Reliance Group’s listed entities. The group has yet to issue an official statement regarding the raids.
Background: The Rise and Fall of Anil Ambani
Anil Ambani, once dubbed India’s answer to Elon Musk, saw his empire shrink drastically over the last decade. After the split from brother Mukesh Ambani in 2005, Anil took control of telecom, power, infrastructure, and financial services arms of the old Reliance conglomerate.
However, high-leverage business models, regulatory battles, and debt defaults eroded the value of Reliance Communications, Reliance Capital, and even Reliance Power, which once had the biggest IPO in Indian history.
Despite restructuring efforts, including the monetization of assets and debt settlements, many of Anil Ambani’s companies continue to struggle financially, further complicating his legal and financial outlook.
Reliance Power’s Future: Can the Stock Rebound?
The RPower share price has been a topic of interest for retail investors looking for high-risk, high-return plays. After bottoming out in 2022, the stock made a modest comeback in 2024, driven by speculation around asset sales and government power reforms.
However, with the ongoing ED investigation, the outlook has turned murky again. For Reliance Power to recover investor confidence, it needs:
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Clear debt reduction roadmap
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Legal clarity and corporate transparency
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Fresh capital infusion or strategic investors
Until then, volatility in RPower stock is expected to persist. For detailed shareholding patterns and financials, investors can refer to NSE India’s Reliance Power page.
Broader Impact on India’s Financial Ecosystem
The case also highlights the larger issue of questionable lending practices by Indian banks, particularly during 2015–2019 when aggressive credit expansion led to a surge in bad loans. Several high-profile defaulters like DHFL, IL&FS, and Jet Airways were found to have taken huge loans without sufficient checks.
Regulators, including the RBI and SEBI, have since tightened disclosure norms and credit assessment frameworks. However, the damage from past actions continues to surface, as evident in the Yes Bank-Anil Ambani saga.
The central government has reiterated its commitment to fighting financial fraud. As per Finance Ministry sources, “No influential businessman will be spared if found violating financial laws, irrespective of their stature.”
Public Sentiment and Political Underpinnings
Anil Ambani’s proximity to several political figures has often raised eyebrows. Critics argue that corporate favoritism and political shielding allowed tycoons to operate with impunity for years.
Opposition parties have seized on the latest Anil Ambani news to demand stronger regulatory frameworks and investigations into other industrial groups with NPAs running into thousands of crores.
Conclusion: A Defining Moment for Anil Ambani and Reliance Group
The ED raids on Anil Ambani are not just a legal development—they represent a critical moment for the future of the Reliance Group (non-Mukesh entities). Whether these investigations lead to concrete legal action or are resolved through settlements remains to be seen. What’s clear is that corporate governance, transparency, and accountability will be under far greater scrutiny going forward.
For investors and financial watchdogs alike, this episode offers both a cautionary tale and an opportunity to push for systemic reform in India’s banking-corporate nexus.
