In a major development in the ongoing probe into alleged bank fraud involving Reliance Communications (RCOM), the Enforcement Directorate (ED) has provisionally attached assets worth ₹3,034.90 crore under the Prevention of Money Laundering Act (PMLA). The action forms part of a broader investigation into alleged diversion of public funds by companies linked to the Reliance Anil Ambani Group.
The Enforcement Directorate, India’s financial crime investigation agency, carried out the attachment to prevent dissipation of assets suspected to be proceeds of crime. Enforcement Directorate officials stated that the action is linked to the RCOM bank fraud case involving large-scale financial irregularities.
With this latest move, the total value of assets attached across cases related to the Reliance Anil Ambani Group has crossed ₹19,000 crore, indicating the scale of the alleged financial misconduct.
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Probe Based on Multiple CBI FIRs by Public Sector Banks
The ED’s investigation is based on First Information Reports registered by the Central Bureau of Investigation following complaints from major public sector banks, including State Bank of India, Punjab National Bank, and Bank of Baroda.
These complaints relate to alleged loan defaults and diversion of borrowed funds by RCOM and associated entities. Authorities suspect that loans raised from banks were not utilised for their intended purposes and may have been siphoned off through complex financial structures.
Allegations of Fund Diversion and Laundering
Investigations have indicated that funds were allegedly diverted and laundered through a network of entities, raising concerns over misuse of public money. Earlier findings in related cases suggested that thousands of crores were routed to connected parties and shell entities.
The provisional attachment under PMLA is intended to secure these assets so they can be used to recover dues owed to banks and protect the interests of the public exchequer.
SIT Probe and Broader Legal Action Underway
The case is also being examined by a Special Investigation Team (SIT) constituted under the directions of the Supreme Court, reflecting the seriousness of the allegations.
Authorities have indicated that further attachments and legal action may follow as the investigation progresses. The ED continues to trace financial transactions and identify additional assets linked to the alleged fraud.
About the author – Ayesha Aayat is a law student and contributor covering cybercrime, online frauds, and digital safety concerns. Her writing aims to raise awareness about evolving cyber threats and legal responses.
