ED has alleged proceeds of crime of ₹40,185.55 crore in the RCom case, while its investigation into four National Highways Authority of India (NHAI)-awarded road projects linked to RIL has identified an alleged diversion of about ₹187 crore.
The agency has also sought confiscation of properties worth ₹8,078.06 crore in the RCom case. Separately, it had provisionally attached assets valued at ₹187 crore in the RIL case.
The two complaints, filed before Special Courts under the Prevention of Money Laundering Act (PMLA) in New Delhi last week, allege diversion, layering and concealment of funds running into tens of thousands of crores.
The allegations form part of two separate money-laundering investigations, with ED saying its probes have uncovered mechanisms involving shell companies, conduit entities, multiple bank accounts, fictitious invoices, back-dated arrangements and transactions designed to conceal the movement and end-use of funds.
₹187 Crore Alleged Diversion from NHAI Road Projects
In the R-Infra case, ED filed a prosecution complaint before the special court (PMLA), Dwarka district courts, New Delhi. R-Infra, Sateesh Seth and others have been arraigned as accused for alleged offences under Section 3 and Section 3 read with Section 70 of the PMLA, punishable under Section 4.
The investigation was initiated on the basis of a first information report (FIR) registered by the Mumbai economic offences wing (EOW), on 11 February 2026. The FIR concerns alleged shell companies incorporated and operated using forged documents and bank accounts for routing funds and making outward remittances under the cover of fictitious invoices and overvalued diamond imports.
According to ED, its investigation uncovered an organised scheme to divert public funds from four NHAI-awarded toll-road projects—Trichy-Karur on NH-67, Trichy-Dindigul on NH-45, Salem-Ulundurpet on NH-68 and Jaipur-Reengus on NH-11.
The projects had been financed through NHAI grants as well as loans from banks and financial institutions.
The agency alleges that about ₹187 crore was siphoned off during September and October 2010 through sham, post-facto, or backdated arrangements purportedly relating to fictitious subcontracting work.
The alleged money trail began with RIL or its project-specific special purpose vehicles (SPVs) and engineering-procurement-construction (EPC) contractors, then moved to construction contractors, and subsequently to shell entities that, according to ED, had no connection with road construction.
The agency has alleged that documents were subsequently created to portray these transactions as legitimate project expenditure. The funds were then allegedly layered through shell entities and diamond traders.
ED provisionally attached assets worth ₹187 crore on 3 August 2026 in connection with the case. The attached assets include immovable properties, equity shares of Reliance Power Ltd held by RIL and land held by Ksheeraabd Constructions Pvt Ltd.
Sateesh Seth was arrested in the case on 12 June 2026 and is currently in judicial custody, according to the agency. Further investigation into the role of other individuals is continuing.
RCom Case Puts Alleged Proceeds of Crime at ₹40,185.55 Crore
In the separate RCom case, ED filed a supplementary prosecution complaint before the special court (PMLA), Rouse Avenue district courts, New Delhi. The complaint has been filed in ECIR/STF/26/2025 and PMLA Special Case No20 of 2026, in continuation of the agency's first prosecution complaint filed on 27 March 2026.
RCom, Reliance Telecom Ltd, Gautam Bhailal Doshi, Sateesh Seth, Amitabh Jhunjhunwala and others have been arraigned as accused under the PMLA.
ED's investigation originated from multiple FIRs registered by the central bureau of investigation’s (CBI's) banking securities and fraud branch (BSFB) in New Delhi following complaints from banks and financial institutions. The scheduled offences relate to the alleged fraudulent availing and diversion of fund-based and non-fund-based credit facilities by RCom, Reliance Telecom and Reliance Infratel Ltd.
According to ED, the investigation has uncovered multiple interconnected transactions in which fresh credit facilities were allegedly used to repay, rotate or evergreen earlier domestic and foreign liabilities rather than being deployed for their sanctioned purposes.
The agency alleges that funds were routed through group companies, purpose-built conduit entities and multiple bank accounts. Some funds were also allegedly placed in liquid mutual funds before being used to service earlier external commercial borrowings (ECBs) and foreign currency convertible bonds (FCCBs).
The transactions, ED has alleged, were subsequently projected as legitimate business expenditure or receipts.
Probe Alleges Scheme Dating Back to 2007
ED has further alleged that the fraudulent scheme in the Rcom case had started at least in 2007 and continued thereafter as a connected and continuing course of criminal activity.
According to the agency, loan proceeds were diverted to group companies, including R-Infra and Reliance Capital Ltd. ED has also alleged that funds were siphoned off for the purchase of personal assets of promoters outside India.
The agency has alleged that certain transactions were also used to artificially inflate profits reported by RCom.
ED has quantified the alleged proceeds of crime at ₹40,185.55 crore. It said this figure represents the total outstanding amount defaulted by the borrower entities to consortium banks, financial institutions and bondholders.
The supplementary complaint, according to the agency, brings out the distinct roles allegedly played by the accused in raising, deploying, concealing and projecting the funds as legitimate transactions.
The investigation also covers alleged false certification concerning the end-use of US$1bn (billion) in FCCB proceeds.
Properties Worth ₹8,078 Crore Attached
ED has sought confiscation of properties worth ₹8,078.06 crore that have been attached and confirmed by the adjudicating authority in the RCom case.
The properties include leasehold and immovable assets in New Delhi, Navi Mumbai, Bhubaneswar, Chennai and Pune.
Gautam Bhailal Doshi was arrested on 12 June 2026, while Sateesh Seth was arrested on 9 July 2026 in connection with the RCom case. Both are in judicial custody, according to the ED.
The special court (PMLA) took cognisance of the main prosecution complaint in the RCom case on 15 June 2026.
Two Cases, Overlapping Money Trails
Although the two complaints arise from separate investigations, ED's latest filings highlight alleged fund movements involving several Reliance group-linked entities and individuals.
In the R-Infra case, the agency's allegations centre on the alleged diversion of ₹187 crore from NHAI-backed road projects through fictitious sub-contracting arrangements and subsequent layering through shell companies and diamond traders.
In the RCom case, the alleged diversion is on a substantially larger scale, with ED putting the proceeds of crime at ₹40,185.55 crore and alleging that bank and bond proceeds were repeatedly rotated, diverted to group entities and used to service earlier liabilities instead of the purposes for which the credit facilities were sanctioned.
ED has said that investigations in both cases are continuing, including into the roles of other individuals.
The ED also notes that the inflation of profits has been on since 2007, approximately 2 years after the bitter battle between the Ambani brothers. This indicates that the loans and credit facilities availed by listed companies were taken based on false balance sheet and P&L statements, a crime that resulted in banks doling out money by relying on dubious submissions made by the Group.
Sateesh Seth is no stranger to using shell diamond companies used for layering, round tripping and hawala. A Google search will show a case against RInfra by SEBI that was settled. Both Anil Ambani and Sateesh Seth were named in that case involving round tripping of ECBs using shell diamond companies.
The question is what were the non executive Chairman Anil Ambani and independent directors doing since 2007. The board’s of these companies had eminent names including former SBI chairman’s, and retired IAS officers. Did the crooks Amitabh Jhunjhunwala and Sateesh Seth cook up the books so well that no one could smell the rot. And if they did, was it for their own benefit alone ?
The trail has not stopped here, and the funds diked out to a hospital trust run by Tina Ambani are also under scanner. In that case too, money trail has been cited.
The number of cases against Anil Ambani group and the seriousness or crimes has kept piling up. But no chargesheet has named him yet. Are the agencies building multiple cases to rope him in for once and all, or will Anil Ambani escape with the billions of siphoned public funds. Unless Amitabh Jhunjhubwala reveals where he parked the funds. Or if ED traces the loans returned by the residual group flagships to Varde Partners.
All arrested accused have the same legal strategy knowing the seriousness of the crimes won’t get them bail anytime soon. All have been citing health issues to file applications in court. Only the billionaire fund manager has been successful so far in getting an extended hospital stay, as a house guest at LNJP currently. Sateesh Seth enjoying a bed at Tihars hospital; with others trying to give Seth company on the adjoining beds. The self boasting Sateesh Seth on his personal website continuing to give a nationalistic picture of himself using his pre nameology name Satish Seth. Fun to read, and have a laugh.
With Amitabh jhunjhunwala, Sateesh Seth and Punit Garg continuing to play Ambani loyalists in their own ways and acts; will the eminent CA and erstwhile director on many boards Gautam Doshi reveal why books were being cooked since 2007, as he is the only one directly reporting to the big boss Anil Ambani. Rest Ashok Kumar Pal, D Vishwanath and Anil Kalya are smaller fries and their access was layered through the 3 long time loyalists.
Considering that Supreme Court rejected the bail plea of Pal, arrested since October 2025, it’s time that other arrested accused give their cooperation to agencies and in their statements to courts while filing bail pleas. Someone needs to pin Anil Ambani and the best bet is Gautam Doshi, who was sent to Tihar in spectrum scam based in a loyalist statement, who appears to be well connected in the hawala circles. That’s Gautam Doshis only chance for an outward gate pass from Tihar in the months to come. Can he exchange his liberty by giving Anil Ambani’s scalp.