The Directorate of Enforcement (ED), Special Task Force at Headquarters, has provisionally attached multiple high-value properties worth ₹1,452.51 crore in the ongoing bank fraud investigation involving Reliance Communications Ltd. (RCOM) and its group entities. The attachments have been made under the provisions of the Prevention of Money Laundering Act (PMLA), 2002.
The attached assets include several prominent buildings located within Dhirubhai Ambani Knowledge City (DAKC) and Millennium Business Park in Navi Mumbai. In addition, ED has attached land parcels and buildings situated in Pune, Chennai and Bhubaneswar.
This latest action adds to the earlier attachments exceeding ₹7,545 crore, bringing the cumulative value of attached properties in the RCOM-related fraud cases to ₹8,997 crore.
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Investigation Based on CBI FIR Against RCOM and Anil Ambani
The ED initiated its money laundering investigation following an FIR registered by the Central Bureau of Investigation (CBI) under various sections of the Indian Penal Code (IPC), 1860, and the Prevention of Corruption Act, 1989. The FIR names RCOM, Anil Ambani, and other associated companies and individuals.
According to the investigation, RCOM and its group companies obtained loans from several domestic and international lenders during 2010–2012. A massive ₹40,185 crore remains outstanding against these borrowings. Nine leading Indian banks have already classified the loan accounts of the RCOM group as fraud accounts.
ED Uncovers Large-Scale Diversion and Misuse of Bank Funds
The ED’s financial analysis has revealed multiple layers of diversion and misuse of bank loans by various RCOM group entities. Major findings include:
● ₹13,600 Crore Used for Evergreening of Loans
Loans availed by one company were diverted to repay loans taken by other group companies, effectively evergreening older debts and concealing the true financial condition of the group.
● ₹12,600 Crore Diverted to Connected Parties
Funds meant for specific sanctioned purposes were routed to numerous related and connected parties, violating loan terms and banking norms.
● ₹1,800 Crore Deployed into FDs and Mutual Funds
A large portion of the loan money was invested in fixed deposits and mutual funds, which were later liquidated and rerouted back to group entities through different channels.
● Large-Scale Misuse of Bill Discounting Facilities
ED detected significant misuse of bill discounting, which was employed as a mechanism to funnel funds to associated entities rather than for genuine commercial transactions.
● Funds Siphoned Abroad Through Outward Remittances
Part of the loan proceeds was siphoned off outside India using various foreign outward remittance channels, raising serious concerns about the ultimate beneficiary trail.
Major Commercial Properties and Urban Assets Attached
The properties provisionally attached by the ED include:
- Multiple office buildings in DAKC (Dhirubhai Ambani Knowledge City), Navi Mumbai
- Large commercial structures at Millennium Business Park, Navi Mumbai
- High-value plots and constructed buildings in Pune, Chennai, and Bhubaneswar
These assets collectively carry a market value of ₹1,452.51 crore, forming one of the largest single-press attachments in recent years under PMLA.
ED: Committed to Recovering Proceeds of Crime
In its statement, the ED emphasised that it remains committed to identifying, tracing and attaching Proceeds of Crime in major financial fraud cases. The agency reiterated its focus on bringing the perpetrators of economic offences to justice and ensuring recovery for rightful claimants.
The investigation into the broader financial fraud involving the RCOM group is ongoing, and further action—including additional attachments and prosecutions—remains likely as the probe progresses.
