ED Searches E-Complex Office in Mumbai Over Reliance Anil Ambani Group Case
On July 7, 2026, the Enforcement Directorate (ED) conducted searches at the Mumbai office of E-Complex Private Limited and the residence of one of its directors. The searches were part of a money laundering investigation into the alleged diversion and siphoning of public funds from Reliance Home Finance Ltd (RHFL) and Reliance Commercial Finance Ltd (RCFL), companies linked to the Reliance Anil Ambani Group.
During the operations, which were carried out under the Prevention of Money Laundering Act (PMLA), investigators seized incriminating documents, records of immovable properties, and evidence of suspicious financial transactions. According to the ED, these materials allegedly link a network of shell companies to the senior management of the Reliance Anil Ambani Group.
The money laundering investigation originated from multiple FIRs registered by the Central Bureau of Investigation (CBI). These FIRs were based on complaints filed by a consortium of lenders, including Yes Bank, State Bank of India, Bank of Baroda, Punjab National Bank, Canara Bank, Union Bank of India, Bank of Maharashtra, Indian Overseas Bank, Punjab & Sind Bank, UCO Bank, and Axis Bank.
The ED's probe revealed that public funds worth thousands of crores of rupees raised by RHFL and RCFL were systematically diverted through shell companies and group entities allegedly controlled by the Reliance Anil Ambani Group. The agency stated that corporate loans were sanctioned to these entities in violation of prudent lending norms, without proper documentation, due diligence, or creditworthiness assessments.
Many of these borrowing entities allegedly had little to no genuine business activity and were financially incapable of servicing the loans. The ED alleged that the directors of these companies were employees or close associates of the Reliance Anil Ambani Group who acted on instructions from senior management. Furthermore, the bank accounts and books of these entities were operated by officials of flagship group companies, including Reliance Infrastructure Ltd, Reliance Power Ltd, and Reliance Capital Ltd.
The ED has quantified the total proceeds of crime in this case at Rs 15,548 crore. So far, the agency has attached assets worth Rs 4,510 crore under the PMLA, with properties valued at Rs 3,926 crore confirmed by the Adjudicating Authority. A prosecution complaint was filed before the Special PMLA Court on June 12.
Earlier, on April 15, the ED arrested former Reliance Capital director Amitabh Jhunjhunwala and former Chief Financial Officer Amit Bapna for their alleged roles in the diversion of funds. Both remain in judicial custody. The Reliance Anil Ambani Group did not respond to queries regarding the searches.
