New Delhi, August 9, 2026 (Yes Punjab News)
The Enforcement Directorate (ED) has filed a supplementary prosecution complaint against Reliance Communications Limited (RCOM) in connection with a money laundering case involving alleged proceeds of crime amounting to Rs 40,185.55 crore.
According to an official statement issued on Sunday, the supplementary complaint was filed before the special court for Prevention of Money Laundering Act (PMLA) cases on Saturday, continuing the agency’s earlier prosecution complaint filed on March 27.
RCOM, Reliance Telecom Limited (RTL), Gautam Bhailal Doshi, Sateesh Seth, Amitabh Jhunjhunwala and others have been named as accused under provisions of the PMLA.
The ED has quantified the alleged proceeds of crime at Rs 40,185.55 crore, representing the total outstanding amount allegedly defaulted by borrower entities to consortium banks, financial institutions and bondholders.
The agency said its investigation has identified the alleged roles of the accused in raising, deploying, concealing and projecting funds, including alleged false certification regarding the end-use of $1 billion raised through Foreign Currency Convertible Bonds (FCCBs).
The ED has also sought confiscation of properties worth Rs 8,078.06 crore that were attached and subsequently confirmed by the Adjudicating Authority. The properties include leasehold and immovable assets in New Delhi, Navi Mumbai, Bhubaneswar, Chennai and Pune.
Doshi was arrested on June 12, while Seth was arrested on July 9. Both are currently in judicial custody. The special PMLA court took cognisance of the main prosecution complaint on June 15.
The ED’s investigation originated from multiple FIRs registered by the CBI’s Banking Securities and Fraud Branch in New Delhi following complaints from banks and financial institutions. The scheduled offences relate to alleged fraudulent availing and diversion of fund-based and non-fund-based credit facilities by RCOM, RTL and Reliance Infratel Limited.
According to the agency, its probe found that fresh credit facilities were allegedly used to repay, rotate and evergreen earlier domestic and foreign liabilities instead of being deployed for their sanctioned purposes.
The ED alleged that funds were routed through group companies, conduit entities, multiple bank accounts and liquid mutual funds, and were used to service earlier External Commercial Borrowings and FCCBs while being presented as legitimate business transactions.
The agency further alleged that the purported scheme began at least in 2007 and continued as a connected course of activity. It said loan proceeds were diverted to group companies, including Reliance Infrastructure Ltd. and Reliance Capital Ltd., and were also allegedly used to acquire personal assets for promoters overseas and artificially support RCOM’s reported profits.
The investigation remains ongoing, the ED said.
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