Mumbai: ED’s Grip Tightens: Ambani’s Attached Assets Hit Rs 9K Cr
The Enforcement Directorate has delivered another significant blow to Anil Ambani‘s Reliance Group, attaching properties valued at over Rs 1,400 crore in an ongoing money laundering investigation. This latest provisional order under the Prevention of Money Laundering Act targets assets spread across multiple cities, pushing the total seized value in the case to nearly Rs 9,000 crore. Officials confirm the action stems from probes into alleged fund diversions by group entities, with more details expected soon.
Fresh Attachments Span Key Cities
The newly attached properties include commercial and residential holdings in Navi Mumbai, Chennai, Pune, and Bhubaneswar. These seizures build on earlier actions, where the ED had already locked down assets worth Rs 7,500 crore linked to similar irregularities. The move highlights the agency’s focus on tracing illicit financial flows, including those involving public investments turned non-performing.
Roots in Loan Diversion Allegations
At the heart of the probe lies the handling of loans by Reliance Home Finance Limited and Reliance Commercial Finance Limited, which reportedly routed over Rs 10,000 crore from sources like Yes Bank. Investigators allege these funds, including investments from the former Reliance Nippon Mutual Fund, violated SEBI conflict-of-interest rules and were funneled to connected parties. By late 2019, outstanding dues had ballooned to over Rs 3,300 crore, fueling claims of systematic evergreening and laundering.
Broader Implications for the Group
This escalation comes amid separate scrutiny of other Reliance firms, such as Reliance Communications and Reliance Infrastructure, where diversions exceeding Rs 13,000 crore have surfaced. The ED’s actions, including recent arrests like that of Reliance Power’s CFO, signal a deepening inquiry into over Rs 17,000 crore in collective loan irregularities. Reliance Group has yet to issue a formal response, leaving observers to ponder the fallout on its recovery efforts.
As the investigation unfolds, these attachments could reshape narratives around corporate accountability in India’s financial sector. Stakeholders await clarity on asset confirmations and potential next steps.