New Delhi: The Enforcement Directorate (ED) has attached approximately 132 acres of land at the Dhirubhai Ambani Knowledge City (DAKC) in Navi Mumbai, valued at around ₹4,462.81 crore, in connection with the Reliance Communications (RCom) bank loan fraud case. The move came on the same day the ED announced the attachment of other properties linked to the Anil Ambani Group, valued at ₹3,000 crore. With this, the total assets seized in the case have now crossed ₹7,545 crore.
Scope of Investigation and Key Facts
The ED launched the investigation following a CBI FIR, which named Anil Ambani, RCom, and others in charges of fraud, conspiracy, and corruption. The probe revealed that RCom and its affiliate companies had borrowed over ₹40,000 crore from domestic and international banks between 2010 and 2012, of which five accounts have been declared fraudulent by the lending banks.
Approximately ₹13,600 crore was diverted using a ‘loan evergreening’ technique, making old loans appear as new. Over ₹12,600 crore was transferred to related companies. More than ₹1,800 crore was cycled through fixed deposits and mutual funds before being reinvested in group companies. Additionally, the investigation uncovered misuse of bill discounting schemes, diversion of funds to shell companies, and transfer of money abroad.
The ED has stated that recovering the entire misappropriated and overseas-transferred funds remains its primary objective.
Expert Opinion
Industry experts note that the seizure of RCom and Anil Ambani Group assets represents a significant step towards enhancing transparency and accountability in India’s banking system.
Analysts believe the ongoing rigorous asset attachment and investigation send a clear signal that enforcement agencies are taking a stringent stance against large-scale financial crimes.
Previously, the ED had attached assets worth ₹3,000 crore belonging to the Anil Ambani Group. With the inclusion of the DAKC land, the case has now emerged as one of the largest financial and legal matters in India’s banking sector.
