ED Attaches Rs 10,117 Crore in Reliance Anil Ambani Group Cases

The Enforcement Directorate (ED) on Friday announced that it has provisionally attached properties and assets of the Anil Ambani-led Reliance Group worth Rs 10,117 crore to date.

In its latest action, the ED attached over 18 properties, fixed deposits, bank balances, and unquoted shareholdings of Reliance Anil Ambani Group entities worth Rs 1,120 crore in connection with the Reliance Home Finance Limited (RHFL), Reliance Commercial Finance Limited (RCFL), and Yes Bank fraud case.

The attached properties include seven assets of Reliance Infrastructure Limited, two properties of Reliance Power Limited, and nine properties of Reliance Value Service Private Limited. In addition, fixed deposits in the names of Reliance Value Service Private Limited, Reliance Venture Asset Management Private Limited, Phi Management Solutions Private Limited, Adhar Property Consultancy Private Limited, and Gamesa Investment Management Private Limited were also seized. Unquoted investments held by Reliance Venture Asset Management Private Limited and Phi Management Solutions Private Limited were included in the attachment.

Earlier, the ED had attached properties worth over Rs 8,997 crore in bank fraud cases involving Reliance Communications Ltd. (RCOM), RCFL, and RHFL. With the latest action, the cumulative attachment against the group now totals Rs 10,117 crore.

The ED stated that its investigation has uncovered “fraudulent diversion of public money” by various Reliance Anil Ambani group companies, including RCOM, RHFL, RCFL, Reliance Infrastructure Ltd, and Reliance Power Ltd.

According to the probe, between 2017 and 2019, Yes Bank invested Rs 2,965 crore in RHFL instruments and Rs 2,045 crore in RCFL instruments, which later turned non-performing. By December 2019, the outstanding amounts were Rs 1,353.50 crore for RHFL and Rs 1,984 crore for RCFL. The investigation revealed that RHFL and RCFL had collectively received public funds exceeding Rs 11,000 crore.

The ED has initiated its probe based on an FIR registered by the CBI under various sections of the Indian Penal Code, 1860, and the Prevention of Corruption Act, 1988, against RCOM, Anil Ambani, and others.

The agency’s findings indicate that RCOM and its group companies diverted over Rs 13,600 crore for evergreening loans. Of this, over Rs 12,600 crore was routed to connected parties, while more than Rs 1,800 crore was invested in fixed deposits and mutual funds, which were subsequently liquidated and rerouted to group entities, the ED statement said.

This move marks one of the largest enforcement actions against the Reliance Anil Ambani Group, reflecting intensified scrutiny over alleged financial irregularities and mismanagement of public funds by the conglomerate.

(The content of this article is sourced from a news agency and has not been edited by the Mavericknews30 team.)