ED attaches 40 assets worth ₹3,000 crore linked to Anil Ambani’s Reliance Group across Delhi, Mumbai, Chennai

The Enforcement Directorate (ED) on Friday provisionally attached 40 properties worth ₹3,000 crore in connection with a money laundering case against the Anil Ambani-led Reliance Group.

The attached properties include Anil Ambani's Pali Hill residence in Mumbai and the Reliance Centre at Ranjit Singh Marg in Delhi. The ED also attached multiple assets across Delhi, including land parcels in Noida and Ghaziabad, East Godavari, as well as properties in Mumbai, Pune, Thane, Hyderabad and 29 flats in Chennai valued at ₹109.6 crore. The action was taken under the Prevention of Money Laundering Act (PMLA).

According to officials, these assets include office premises, residential units and land parcels, totalling up to ₹3,084 crore.

As of now, Anil Ambani's Reliance Group has not issued an official statement regarding the ED's action.

What is the case about?

The ED's latest action stems from allegations of fund diversion and laundering by Reliance Home Finance Ltd (RHFL) and Reliance Commercial Finance Ltd (RCFL). Between 2017 to 2019, Yes Bank allocated ₹2,965 crore in RHFL instruments and ₹2,045 crore in RCFL instruments, PTI reported.

By December 2019, these funds of Yes Bank turned into “non-performing” investments, with ₹1,353.50 crore outstanding for RHFL and ₹1,984 crore for RCFL, the report said, citing ED.

Investigators allege that over ₹17,000 crore was diverted through a collective loan scheme by various group companies, including Reliance Infrastructure.

In August, the ED questioned Anil Ambani, following raids on 35 premises linked to 50 companies and 25 individuals, including executives of his business group, conducted in Mumbai on 24 July.

Reliance Power and Reliance Infrastructure, part of the Anil Ambani group, later informed the stock exchanges, acknowledging the raids, but that they had "absolutely no impact" on their business operations, financial performance, shareholders, employees, or any other stakeholders.

Reliance Infrastructure said in a statement, “We wish to inform that certain assets of the Company have been provisionally attached by ED for the alleged violations under PMLA.”

“There is no impact on the business operations, shareholders, employees or any other stakeholders of Reliance Infrastructure Limited,” it also said, adding, “Mr. Anil D. Ambani is not on the Board of Reliance Infrastructure Limited for more than 3.5 years.”

The probe, conducted on 24 July, came after the Central Bureau of Investigation (CBI) registered an FIR.

In September, the CBI filed a chargesheet against Anil Ambani and others related, citing fraudulent transactions between RCFL and RHFL, and Yes Bank. The charges also named firms belonging to former Yes Bank CEO, Rana Kapoor and his family, which led to a loss of ₹2,796 crore to the bank, PTI reported.