The Enforcement Directorate (ED) has provisionally attached properties worth ₹1,452.51 crore in connection with the alleged bank fraud cases involving Reliance Communications Ltd. (RCOM), Reliance Commercial Finance Ltd. and Reliance Home Finance Ltd., according to an official press release.
The attached assets include multiple buildings in Dhirubhai Ambani Knowledge City (DAKC) and Millennium Business Park in Navi Mumbai, along with plots of land and buildings located in Pune, Chennai and Bhubaneswar. The action has been taken under the provisions of the Prevention of Money Laundering Act (PMLA), 2002.
Total Attachments Near ₹9,000 Crore
The ED stated that it had previously attached properties worth more than ₹7,545 crore in the same set of cases. With the latest action, the cumulative value of assets attached in connection with the group now stands at ₹8,997 crore.
According to the agency, the investigation stems from a First Information Report registered by the Central Bureau of Investigation (CBI) under various provisions of the Indian Penal Code, 1860, and the Prevention of Corruption Act, 1989, against RCOM, Anil Ambani and others.
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Loans and Alleged Diversion of Funds
The agency said RCOM and its group companies had availed loans from domestic and foreign lenders from 2010-2012 onwards. It stated that a total amount of ₹40,185 crore remains outstanding and that nine banks have declared the loan accounts of the group as fraud.
The ED alleged that loans obtained from one bank were used to repay loans taken from other banks and were also transferred to related parties and invested in mutual funds, contrary to the terms and conditions of the sanctioned loans. The agency further claimed that more than ₹13,600 crore was diverted for the evergreening of loans, while over ₹12,600 crore was transferred to connected parties.
Findings of the Investigation
According to the ED, more than ₹1,800 crore was invested in fixed deposits and mutual funds, a substantial portion of which was later liquidated and rerouted to group entities. The agency also reported detecting alleged misuse of bill discounting facilities for channeling funds to connected parties.
The investigation further found that certain loans were allegedly siphoned outside India through foreign outward remittances. The ED said it is continuing its probe into the matter and remains committed to pursuing financial crime cases and restoring proceeds of crime to rightful claimants. Further investigation is under progress.
