The Enforcement Directorate (ED) on Tuesday attached assets worth approximately Rs 510 crore linked to the Anil Ambani-led Reliance Group in connection with alleged bank fraud and money laundering cases, taking the cumulative value of assets attached or seized in various investigations against the group to around Rs 23,100 crore.
The latest action covers movable and immovable properties, including two chartered aircraft, six land parcels, office premises, windmills, bank balances, fixed deposits, investments and receivables.
According to the ED, assets valued at Rs 263.05 crore were attached in the Reliance Home Finance Limited (RHFL) and Reliance Commercial Finance Limited (RCFL) bank fraud case, while properties worth Rs 247.12 crore were attached in the Reliance Communications Limited (RCOM) case.
๐ง๐๐ผ ๐ฎ๐ถ๐ฟ๐ฐ๐ฟ๐ฎ๐ณ๐, ๐๐ถ๐ ๐ฝ๐น๐ผ๐๐ ๐ฎ๐บ๐ผ๐ป๐ด ๐ฎ๐๐๐ฒ๐๐
In the RCOM case, the attached properties include two chartered aircraft, six land parcels and an office premises in Maharashtra.
In the separate RHFL and RCFL case, the agency attached two windmills located in Tamil Nadu, along with bank balances, fixed deposits, investments and receivables.
The ED said the latest attachments formed part of its continuing investigation into alleged financial irregularities involving several companies associated with the Reliance Anil Ambani Group.
With these attachments, the total value of assets attached or seized in the investigations has reached approximately Rs 23,100 crore under the Prevention of Money Laundering Act (PMLA) and the Foreign Exchange Management Act (FEMA).
๐๐ ๐ฎ๐น๐น๐ฒ๐ด๐ฒ๐ ๐ฑ๐ถ๐๐ฒ๐ฟ๐๐ถ๐ผ๐ป ๐ผ๐ณ ๐ฝ๐๐ฏ๐น๐ถ๐ฐ ๐ณ๐๐ป๐ฑ๐
The agency alleged that its investigation had uncovered siphoning of public funds obtained from banks and financial institutions, misuse of provisions under the Insolvency and Bankruptcy Code (IBC) and diversion of money to offshore tax havens.
According to investigators, certain corporate assets were allegedly protected through misuse of insolvency provisions for the personal benefit of promoters.
The ED further alleged that a substantial portion of the diverted funds was used for the benefit of promoters and their family members.
These allegations remain subject to judicial determination.
๐ฃ๐ฟ๐ผ๐ฏ๐ฒ ๐ฐ๐ผ๐๐ฒ๐ฟ๐ ๐๐ถ๐ ๐ฅ๐ฒ๐น๐ถ๐ฎ๐ป๐ฐ๐ฒ ๐ณ๐ถ๐ฟ๐บ๐
The money laundering investigation was initiated on the basis of multiple First Information Reports registered by the Central Bureau of Investigation (CBI) in Delhi and the Economic Offences Wings of the Delhi and Mumbai Police.
The companies under investigation include Reliance Communications Limited, Reliance Home Finance Limited, Reliance Commercial Finance Limited, Reliance Infrastructure Limited, Reliance Power Limited and Reliance Capital Limited.
The ED has also investigated two cases under FEMA as part of its examination of alleged financial irregularities and overseas fund transfers.
Investigators are examining transactions involving banks, financial institutions and group companies to determine the movement and utilisation of borrowed funds.
๐ญ๐ฌ ๐ฎ๐ฟ๐ฟ๐ฒ๐๐๐ฒ๐ฑ, ๐๐ถ๐ ๐ฐ๐ต๐ฎ๐ฟ๐ด๐ฒ๐๐ต๐ฒ๐ฒ๐๐ ๐ณ๐ถ๐น๐ฒ๐ฑ
The ED said 10 individuals had been arrested in connection with the cases so far.
The agency has filed six prosecution complaints under the PMLA and one complaint under FEMA. Further investigation is underway.
Separately, the CBI had registered an FIR in August against Reliance Capital Limited and its former chairman Anil Ambani over an alleged loss of Rs 1,816.22 crore to the Employees' Provident Fund Organisation (EPFO).
Ambani denied wrongdoing in that matter. His spokesperson maintained that he had served as a non-executive director and chairman of Reliance Capital until November 2021, when the Reserve Bank of India superseded the company's board and appointed an administrator.
The latest ED action marks another development in the continuing investigations into alleged financial irregularities involving companies associated with the Reliance Anil Ambani Group.