ED attaches ₹510 crore assets of Reliance Anil Ambani Group
The Enforcement Directorate has seized aircraft, land, and bank balances in connection with alleged bank fraud cases.
The Enforcement Directorate (ED) attached assets worth ₹510.17 crore linked to the Reliance Anil Ambani Group on Tuesday, according to reports by The Hindu and Kalinga TV. The attachments are connected to alleged bank fraud cases involving Reliance Home Finance Limited (RHFL), Reliance Commercial Finance Limited (RCFL), and Reliance Communications Limited (RCom).
In the RCom case, the agency attached assets valued at ₹247.12 crore, including two chartered aircraft, six land parcels, and one office premises in Maharashtra. For the RCFL and RHFL case, assets worth ₹263.05 crore were attached, comprising two windmills in Tamil Nadu, bank balances, fixed deposits, investments, and receivables.
The agency stated that its investigation revealed the group was involved in siphoning public funds from banks and financial institutions, diverting funds to offshore tax havens, and misusing the Insolvency and Bankruptcy Code (IBC) law to ring-fence corporate assets for personal use. The ED said a large part of these funds was used for the individual benefit of the promoters and their family.
With these latest actions, the ED has cumulatively attached or seized assets worth approximately ₹23,100 crore in several cases investigated against the group under the Prevention of Money Laundering Act (PMLA) and the Foreign Exchange Management Act (FEMA).
The investigation was initiated based on multiple FIRs registered by the Central Bureau of Investigation (CBI) and the Economic Offences Wing (EOW). Other companies under investigation include Reliance Infrastructure Ltd, Reliance Power Ltd, and Reliance Capital Ltd. The ED has arrested 10 individuals and filed six prosecution complaints under the PMLA and one under FEMA.