ED Freezes Reliance Anil Ambani Group Assets Worth 11.2 Billion Rupees
The Enforcement Directorate (ED) has frozen assets worth ₹11.2 billion ($134 million) belonging to the Reliance Anil Ambani Group. This includes 18 properties, bank balances, and shares. The action is part of an ongoing investigation into alleged fund diversion and money laundering by group companies. The probe focuses on Reliance Home Finance Ltd (RHFL) and Reliance Commercial Finance Ltd (RCFL), stemming from investments made by Yes Bank. The investigation has also expanded to include Reliance Communications Ltd (RCom) for an alleged loan fraud of ₹13,600 crore.
*this image is generated using AI for illustrative purposes only.
The Enforcement Directorate (ED) has taken significant action against the Reliance Anil Ambani Group, freezing assets worth 11.2 billion rupees (approximately $134 million). This enforcement action includes the freezing of 18 properties, bank balances, and shares belonging to the group.
The ED's action is part of an ongoing investigation into alleged fund diversion and money laundering by companies associated with the Reliance Anil Ambani Group. Previously, the ED had issued a provisional attachment order for assets valued at 3,084 crore rupees under the Prevention of Money Laundering Act (PMLA).
Key Properties Affected
The ED's action targets several high-profile properties linked to the Reliance Anil Ambani Group:
| Property | Location |
|---|---|
| Ambani family residence | Pali Hill, Mumbai |
| Reliance Centre building | New Delhi |
| Various residential units | Multiple cities |
| Office premises | Multiple cities |
| Land parcels | Multiple cities |
Investigation Details
The probe centers around two key companies:
- Reliance Home Finance Ltd (RHFL)
- Reliance Commercial Finance Ltd (RCFL)
The investigation stems from substantial investments made by Yes Bank in these companies between 2017 and 2019:
| Company | Investment Amount | Outstanding Dues (as of Dec 2019) |
|---|---|---|
| RHFL | 2,965.00 | 1,353.50 |
| RCFL | 2,045.00 | 1,984.00 |
Allegations and Findings
The ED's investigation has uncovered several alleged irregularities:
- Funds were reportedly diverted through group-linked entities, violating SEBI rules.
- Loans were allegedly disbursed without proper due diligence.
- Security documents were found to be blank or undated in some cases.
Expanded Investigation
The probe has widened to include Reliance Communications Ltd (RCom):
- Alleged loan fraud of 13,600 crore rupees under investigation.
- Preliminary findings suggest 12,600 crore rupees may have been diverted to connected parties.
This latest development, involving the freezing of assets worth 11.2 billion rupees, marks a significant escalation in the regulatory scrutiny of the Reliance Anil Ambani Group's financial dealings. The action underscores the seriousness of the allegations and the potential impact on the group's operations.
As the investigation unfolds, it may have broader implications for corporate governance practices and regulatory oversight in India's financial sector. The case also highlights the increasing focus on preventing money laundering and ensuring compliance with financial regulations.
20
