ED attaches assets worth Rs 510 crore of Reliance Anil Ambani Group
The Enforcement Directorate seized aircraft, land, and windmills in connection with alleged bank fraud involving several group companies.
The Enforcement Directorate (ED) on Tuesday attached assets worth Rs 510.17 crore belonging to the Reliance Anil Ambani Group (RAAG) as part of a money laundering investigation. According to reports from ANI and The Times of India, the action relates to alleged bank fraud involving Reliance Communications Ltd (RCOM) and Reliance Home Finance Ltd (RHFL) and Reliance Commercial Finance Ltd (RCFL).
In the RCOM case, which involves Rs 247.12 crore, the agency attached two chartered aircraft, including a Dassault Falcon 2000 and an Embraer EMB-135BJ, along with six land parcels and an office in Maharashtra. For the RHFL and RCFL case involving Rs 263.05 crore, the ED attached two windmills in Tamil Nadu, bank balances, fixed deposits, and investments.
The agency alleged that the group siphoned public funds from financial institutions and diverted money to offshore tax havens. The ED further claimed that the group misused the Insolvency and Bankruptcy Code (IBC) to protect corporate assets for personal use, stating that much of the funds were used for the private benefit of the promoters and their families.
The investigation covers several companies, including Reliance Infrastructure Ltd, Reliance Power Ltd, and Reliance Capital Ltd. The ED has arrested 10 people and filed six prosecution complaints under the Prevention of Money Laundering Act (PMLA).
With these latest attachments, the total value of assets seized or attached in cases against the group has reached approximately Rs 23,100 crore. The agency is also conducting investigations under the Foreign Exchange Management Act (FEMA).