The Enforcement Directorate (ED) has announced the attachment of an additional ₹510 crore worth of assets belonging to entities associated with Anil Ambani's Reliance Group. This latest action is connected to several alleged bank fraud cases currently under investigation by the agency.
Key Assets Under Attachment
Among the newly attached properties are two chartered aircraft, six parcels of land, and office premises located in Maharashtra. These specific assets are linked to the ongoing probe into Reliance Communication. Additionally, in cases involving Reliance Home Finance Limited (RHFL) and Reliance Commercial Finance Limited (RCFL), the ED has attached two windmills in Tamil Nadu, alongside various bank balances, fixed deposits, investments, and receivables.
Expanding Scope of Investigation
This fresh round of attachments brings the total value of assets seized or frozen in these extensive investigations to approximately ₹23,100 crore. The ED initiated its probes based on multiple First Information Reports (FIRs) registered by the Central Bureau of Investigation (CBI) in Delhi and the Economic Offences Wings (EOW) in both Delhi and Mumbai. The cases span several Reliance Group entities, including Reliance Communication, Reliance Home Finance, Reliance Commercial Finance, Reliance Infrastructure, Reliance Power, and Reliance Capital.
Allegations of Fund Diversion
The agency alleges that its investigations have revealed a pattern of siphoning off public funds from banks and financial institutions by the Reliance Anil Ambani Group. The ED further claims that the group misused the Insolvency and Bankruptcy Code (IBC) to fraudulently ring-fence corporate assets for personal use and diverted public funds from India to offshore tax havens. A significant portion of these funds, according to the ED, was used for the personal benefit of the promoters and their families.
To date, the ED has arrested ten individuals in connection with these cases and has filed six prosecution complaints under the Prevention of Money Laundering Act (PMLA), 2002. An additional complaint has been filed under the Foreign Exchange Management Act (FEMA), indicating the broad scope of the financial irregularities under scrutiny.