ED attaches assets worth Rs 510 crore from Anil Ambani Group
The Enforcement Directorate issued a provisional order under the PMLA involving aircraft, land, and windmills in a money laundering probe.
The Enforcement Directorate (ED) on Tuesday attached assets worth Rs 510 crore belonging to the Reliance Anil Ambani Group (RAAG) as part of a money laundering investigation. According to reports from Rediff, the action is linked to alleged bank frauds involving Reliance Communication Ltd (RCOM), Reliance Home Finance Limited (RHFL), and Reliance Commercial Finance Ltd (RCFL).
The agency stated that the probe involves a Rs 247.12 crore fraud allegation against RCOM and a Rs 263.05 crore fraud allegation against RHFL and RCFL. Under the Prevention of Money Laundering Act (PMLA), the ED issued a provisional order to attach the properties.
In the RCOM case, the attached assets include a Dassault Falcon 2000, an Embraer aircraft, six land parcels, and an office in Maharashtra. For the RHFL and RCFL case, the ED attached two windmills in Tamil Nadu, bank balances, fixed deposits, and investments.
The ED alleged that the group diverted money from banks and financial institutions to offshore tax havens. The agency further claimed the group used the Insolvency and Bankruptcy Code (IBC) to protect corporate assets for personal use, with much of the money benefiting the promoters and their families.
The agency has arrested 10 individuals and filed six chargesheets in these cases. It has also started a separate investigation under the Foreign Exchange Management Act (FEMA). The total value of assets seized in these cases has now reached Rs 23,100 crore.