The Enforcement Directorate delivered another blow to Anil Ambani’s embattled Reliance empire by freezing assets valued at ₹1,885 crore from affiliated companies. Detailed in a Wednesday press release, this provisional attachment intensifies the spotlight on a web of alleged frauds plaguing the group.

Triggered by Yes Bank irregularities and RCom-linked bank scams, the move targets shares in power and metro ventures under Reliance Infrastructure, plus financial holdings from Value Corp. Executive-linked assets, such as Seturaman’s home and Garg’s investments, are also in the crosshairs. Cumulative attachments now surpass ₹12,000 crore.

At the heart of the scandal: Yes Bank’s ₹5,010 crore exposure to RHFL and RCFL soured rapidly into massive NPAs. Public funds exceeding ₹11,000 crore were injected via backdoor routes from Reliance Nippon MF through Yes Bank, evading regulatory hurdles.

CBI-registered cases paint a grim picture of ₹40,185 crore in outstanding loans from multiple lenders, branded fraudulent by nine banks. Funds were round-tripped: evergreening debts, propping up related parties, and parking in investment vehicles before recirculation.

Bill discounting schemes facilitated illicit transfers abroad and to group insiders, flouting every lending norm. As probes deepen, this saga highlights systemic vulnerabilities in corporate lending and the ED’s aggressive pursuit of accountability.

For investors and regulators, it’s a stark reminder of governance lapses in once-mighty conglomerates. The coming months will reveal if more skeletons tumble out, potentially reshaping India’s corporate landscape.