The Enforcement Directorate (ED) has temporarily attached industrialist Anil Ambani’s residence in Pali Hill, a posh area of Mumbai. According to the agency, the estimated value of this property is Rs 3,716.83 crore. This action has been taken under the Prevention of Money Laundering Act (PMLA). Even before this, ED has attached properties worth Rs 473.17 crore related to Anil Ambani.
Ongoing investigation based on CBI FIR
This action of ED is part of the investigation being conducted on the basis of the FIR registered by the Central Bureau of Investigation. The FIR was registered under sections 120-B, 406 and 420 of the Indian Penal Code as well as provisions of the Prevention of Corruption Act, 1989. The matter is related to Reliance Communications (RCom), Anil Ambani and others.
Outstanding loan of more than Rs 40 thousand crores
According to ED, RCom and its group companies had taken huge loans from domestic and foreign banks, of which the total outstanding is Rs 40,185 crore. The agency says that investigation revealed that this property of Pali Hill was transferred to a private family trust named Raizai Trust, which is related to members of the Ambani family.
Accused of protecting property from recovery
ED alleges that the purpose of this corporate reorganization was to protect the family’s assets and save them from recovery action by the banks. According to the agency, an attempt was made to separate the assets from the liabilities related to the personal guarantees given by Anil Ambani to the banks. However, no official statement has been issued yet by Anil Ambani or RCom on this entire incident.