The ED has attached Rs 510.17 crore in assets belonging to the Reliance Anil Ambani Group, citing involvement in bank fraud, siphoning of public funds, and diversion of capital to offshore tax havens across several ongoing financial cases.
ED Targets Reliance Anil Ambani Group Assets
New Delhi [India], November 3 (ANI): The Enforcement Directorate (ED) on Tuesday said it has attached Rs 510.17 crore worth of properties of Reliance Anil Ambani Group in connection with its ongoing alleged bank fraud cases involving its group companies. The properties include aircraft, bank balances, fixed deposits, immovable properties, receivables and investments in the cases pertaining to the Reliance Home Finance Limited and Reliance Commercial Finance Limited alleged bank fraud case (Rs 263.05 crores) and Reliance Communication Limited’s bank fraud case (Rs 247.12 crores).
Breakdown of Attached Properties
In the RCOM case, the agency attached assets that include two chartered aircraft (VT-AAT, Dassault Falcon 2000 and VT-OMM Embraer EMB-135BJ), six land parcels, and one office premises in Maharashtra. In the RCFL/ RHFL case, two windmills in Tamil Nadu, bank balances, fixed deposits, and Investments/receivables have been attached.
Scope of the Investigation
With these fresh attachments, ED has cumulatively attached and seized assets worth approximately Rs 23,100 crores till date in several cases being investigated against Reliance Anil Ambani Group under the provisions of the Prevention of Money Laundering Act (PMLA) and Foreign Exchange Management Act (FEMA). ED initiated an investigation under PMLA on the basis of multiple FIRs registered by the Central Bureau of Investigation (CBI) and the Economic Offences Wing (EOW), Mumbai. ED said it has also investigated two cases under FEMA. Companies under investigation include Reliance Communication Ltd, Reliance Home Finance Ltd, Reliance Commercial Finance Ltd, Reliance Infrastructure Ltd, Reliance Power Ltd and Reliance Capital Ltd.
ED investigation into the Reliance Anil Ambani Group revealed that the group was involved in siphoning off of public funds from banks and financial institutions, misuse of IBC Law to fraudulently ring-fence corporate assets for personal use, and diversion of public funds from India to offshore tax havens. “A large part was utilised for the individual benefit of the promoters and their family,” the agency said in a statement. ED has arrested 10 individuals in these cases and filed 6 prosecution complaints under PMLA. Further, one complaint has also been filed under the provisions of FEMA. (ANI)
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