Geeta Singh
Once hailed as the golden boy of Indian business, Anil Ambani rose meteorically in the early 2000s—helming telecom, power, and financial ventures under the massive Reliance empire. But what followed was a textbook case in hubris, misgovernance, and legal quicksand. Today, Ambani finds himself battling not boardrooms, but bankruptcy courts and enforcement agencies.
A Powerhouse Turned Pariah
Anil Ambani’s journey began with glittering promise. Splitting the Reliance empire with his elder brother Mukesh in 2005, Anil inherited key assets like Reliance Communications and Reliance Infrastructure. He diversified aggressively—telecom towers, power plants, and financial services. But high leverage and weak execution soon shadowed his ambitions.
By the mid-2010s, cracks in his empire were visible. Reliance Communications was bleeding cash, and mounting debt began haunting balance sheets. Yet, what seemed like business misfortune soon twisted into legal peril.
The ₹3,000 Crore Yes Bank Loan Fraud
In July 2025, the Enforcement Directorate (ED) raided over 50 Reliance Group firms, alleging a massive diversion of ₹3,000 crore borrowed from Yes Bank. The investigation revealed a sinister playbook: loans meant for infrastructure were routed to shell companies, backed by fabricated documents. The tactic of “evergreening” loans—issuing new debt to repay old—painted a worrying picture. Bribes were allegedly paid to Rana Kapoor, Yes Bank’s former CEO.
Markets reacted swiftly. Shares of Reliance Power and Infra crashed by 5%, and SBI formally branded RCom a “fraudulent” account. But this was merely a chapter in a much longer book.
SBI’s ₹31,580 Crore Fraud Complaint
The State Bank of India struck next. In 2024, it accused Anil Ambani and Reliance Communications of misusing over ₹31,000 crore in bank loans. Investigations uncovered that huge sums were used to repay loans of other group companies, with over ₹12,000 crore siphoned across interlinked Reliance firms. SBI is preparing to involve the CBI, and bankruptcy hearings at NCLT continue to escalate.
Global Legal Heat: Personal Insolvency & Foreign Courts
Anil’s troubles aren’t confined to Indian soil. In 2020, three Chinese banks sued him in a UK court over $717 million in defaulted loans. The court ordered a repayment of $100 million or risk jail. A last-minute settlement in 2022 saved him from incarceration—barely.
Earlier in 2019, he faced another existential threat: Ericsson dragged him to the Supreme Court of India for unpaid dues. Contempt charges loomed, and only a rescue cheque from brother Mukesh Ambani kept him out of jail.
SEBI Bans and Tax Troubles
Regulatory heat turned blistering when SEBI accused Reliance Group firms of market manipulation. Allegations centered on inflated stock values and misleading investor disclosures, leading to a 3-year market ban for Anil in 2021.
Meanwhile, the Income Tax Department demanded ₹420 crore in unpaid taxes in 2023. RCom and Reliance Infra became magnets for insolvency petitions.
A Crumbling Legacy
Once worth over $42 billion, Anil Ambani’s reported net worth is now near-zero, according to Bloomberg. As lawsuits pile up, the ED eyes arrest, and asset seizures gain momentum. Global lenders may reopen cases if payments lapse again.
Beyond Anil’s personal woes, this saga highlights alarming gaps in India’s corporate lending system—and may push for tighter promoter accountability laws. Anil Ambani’s downfall isn’t just the fall of a man—it’s a cautionary tale of unchecked ambition, financial opacity, and the long arm of the law.
