ED attaches Rs 510 crore in Reliance Anil Ambani Group cases
The Enforcement Directorate has cumulatively seized assets worth approximately Rs 23,100 crore across multiple investigations involving the group.
The Enforcement Directorate (ED) has attached assets worth Rs 510.17 crore belonging to the Reliance Anil Ambani Group (RAAG) in connection with alleged bank fraud investigations, according to reports by The Hindu and The News Mill.
The latest attachments involve Reliance Communication Limited (RCom), Reliance Home Finance Limited (RHFL), and Reliance Commercial Finance Limited (RCFL). In the RCom case, involving Rs 247.12 crore, the agency seized two chartered aircraft, six land parcels, and an office in Maharashtra. For the RHFL and RCFL cases, which involve Rs 263.05 crore, the ED attached two windmills in Tamil Nadu, bank balances, fixed deposits, and investments.
The agency stated that its probe revealed the group diverted money from banks and financial institutions, misused the Insolvency and Bankruptcy Code (IBC) to protect corporate assets for personal use, and moved public funds to offshore tax havens. The ED alleged that much of these funds were used for the personal benefit of the promoters and their family.
These investigations were initiated following FIRs by the Central Bureau of Investigation (CBI) and the Economic Offences Wing (EOW) in Mumbai and Delhi. The companies under scrutiny include Reliance Infrastructure Limited, Reliance Power Limited, and Reliance Capital Limited.
To date, the ED has arrested 10 people and filed six prosecution complaints under the Prevention of Money Laundering Act (PMLA) and one under the Foreign Exchange Management Act (FEMA). The cumulative value of all assets seized or attached in these cases is approximately Rs 23,100 crore.