NewsStocksED Attaches Rs 3,084 Crore Worth of Reliance Anil Ambani Group Properties in Money Laundering ProbeED Attaches Rs 3,084 Crore Worth of Reliance Anil Ambani Group Properties in Money Laundering Probe
The Enforcement Directorate (ED) has issued a provisional attachment order for assets worth Rs 3,084 crore linked to the Reliance Anil Ambani Group. The attached properties include the Ambani family residence in Mumbai, Reliance Centre building in New Delhi, and various other properties across multiple cities. The investigation focuses on alleged fund diversion and money laundering by Reliance Home Finance Ltd (RHFL) and Reliance Commercial Finance Ltd (RCFL), stemming from investments made by Yes Bank between 2017 and 2019. The probe has also expanded to include Reliance Communications Ltd (RCom) for an alleged loan fraud of Rs 13,600 crore.
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The Enforcement Directorate (ED) has taken a significant step in its ongoing investigation into alleged fund diversion and money laundering by companies associated with the Reliance Anil Ambani Group. The ED issued a provisional attachment order for assets valued at Rs 3,084 crore under the Prevention of Money Laundering Act (PMLA).
Key Properties Attached
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 Rs 13,600 crore under investigation.
- Preliminary findings suggest Rs 12,600 crore may have been diverted to connected parties.
This development marks a significant escalation in the regulatory scrutiny of the Reliance Anil Ambani Group's financial dealings. The provisional attachment of assets worth Rs 3,084 crore 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.
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