The Enforcement Directorate (ED) has launched a money laundering investigation into Reliance Home Finance Ltd (RHFL) and Reliance Commercial Finance Ltd (RCFL), alleging that over ₹11,600 crore (approximately $1.4 billion USD) constitutes proceeds of crime. The ED claims that public funds were systematically diverted through a network of shell entities, violating lending norms. The agency identified ₹5,407.18 crore linked to RHFL and ₹6,280.47 crore associated with RCFL, arising from unpaid dues despite partial recoveries under resolution plans.

In a court hearing in Delhi, the ED revealed that nearly 90% of corporate loans were routed to shell entities across 98 loan accounts involving 45 companies. The agency has sought custody of Amitabh Jhunjhunwala and Amit Bapna, described as key functionaries close to Anil Ambani. The court granted custody until April 20, emphasizing the need to trace the entire money trail of about ₹11,500 crore.

The investigation highlights that RHFL received ₹35,368.97 crore between 2015 and 2020, with 80% of disbursements reportedly for non-housing purposes. Similarly, RCFL raised ₹1.13 lakh crore between FY16 and FY21, with ₹7,408.70 crore allegedly funneled to 36 shell companies. The ED has cited emails and statements implicating Jhunjhunwala in directing funds to these entities, raising concerns about potential evidence tampering given the accused's influence.