New Delhi: The Enforcement Directorate (ED) has attached assets worth more than ₹510 crore linked to companies associated with industrialist Anil Ambani in connection with multiple bank fraud cases. The latest action covers assets linked to Reliance Home Finance Limited, Reliance Commercial Finance Limited and Reliance Communications Limited.
The attached properties include two aircraft, land parcels at six locations and an office building in Maharashtra. The total value of the assets covered by the latest action stands at ₹510.17 crore.
In the cases involving Reliance Home Finance and Reliance Commercial Finance, the ED attached assets worth ₹263.05 crore. These include two windmills in Tamil Nadu and bank deposits. Separately, assets valued at ₹247.12 crore were attached in connection with the bank fraud case involving Reliance Communications.
With this latest action, the total value of assets attached in cases linked to the Reliance Anil Ambani Group under the Prevention of Money Laundering Act (PMLA) and the Foreign Exchange Management Act (FEMA) has reached approximately ₹23,100 crore.
Investigations Based on Multiple Cases
The ED initiated its investigations based on cases registered by the Central Bureau of Investigation (CBI), Delhi Police’s Economic Offences Wing and the Economic Offences Wing of Mumbai Police. The cases relate to alleged financial irregularities, including bank fraud.
So far, 10 people have been arrested in connection with these investigations. The agency has also filed six complaints under the Prevention of Money Laundering Act and one complaint under the Foreign Exchange Management Act.
The latest attachment is part of the continuing investigations into alleged financial irregularities involving companies associated with the Anil Ambani Group.
Separate CBI Case Involving Reliance Capital
Meanwhile, in August, the CBI registered an FIR against Reliance Capital Limited and its former chairman Anil Ambani. The case concerns alleged losses of ₹1,816.22 crore to the Employees’ Provident Fund Organisation (EPFO), which manages the provident fund savings of employees.
Anil Ambani has denied the allegations against him. A spokesperson for the industrialist clarified that the CBI FIR relates to Reliance Capital Limited.
According to the spokesperson, Anil Ambani served as chairman of the company’s board from 2005 until November 2021. His tenure ended after the Reserve Bank of India took control of the company’s board in November 2021 and appointed an administrator.
The spokesperson also maintained that Anil Ambani had committed no wrongdoing.
The latest ED action adds to the mounting financial exposure of companies linked to the industrialist as multiple agencies continue investigations into alleged bank fraud and other financial irregularities.
