ED attaches Rs 510 crore assets, including two aircraft, in Anil Ambani group probe
The Enforcement Directorate has attached assets worth Rs 510 crore, including two chartered aircraft, in alleged bank-fraud-linked money laundering cases involving the Reliance Anil Ambani Group.
The Enforcement Directorate has attached assets worth Rs 510 crore belonging to entities linked to the Anil Ambani-led Reliance Group, including two chartered aircraft, as part of alleged bank-fraud-linked money laundering investigations. With this action, the agency says the total value of assets attached or seized in these investigations has reached approximately Rs 23,100 crore.
Fresh attachments worth Rs 510 crore
The Enforcement Directorate (ED) said on Tuesday, 3 November, that it had attached additional assets worth Rs 510 crore belonging to entities linked to the Reliance Anil Ambani Group, in connection with multiple alleged bank fraud cases. The action was taken under the Prevention of Money Laundering Act (PMLA), 2002.
The fresh attachments are split across two cases. Assets worth Rs 263.05 crore were attached in the bank fraud case involving Reliance Home Finance Limited (RHFL) and Reliance Commercial Finance Limited (RCFL), while assets worth Rs 247.12 crore were attached in the case involving Reliance Communication Limited (RCom).
What was attached in each case
In the RCom case, the attached properties include two chartered aircraft, six land parcels and office premises in Maharashtra. In the RHFL and RCFL case, the ED attached two windmills in Tamil Nadu, along with bank balances, fixed deposits, investments and receivables.
The agency said its investigations were initiated on the basis of multiple first information reports registered by the Central Bureau of Investigation in Delhi and the Economic Offences Wings of Delhi Police and Mumbai Police. The companies under investigation include Reliance Communication, Reliance Home Finance, Reliance Commercial Finance, Reliance Infrastructure, Reliance Power and Reliance Capital.
The allegations, and what they are not
The ED has alleged that its investigation uncovered the diversion of public funds obtained from banks and financial institutions, the misuse of insolvency law to ring-fence corporate assets, the diversion of public funds from India to offshore tax havens, and the use of a large portion of the funds for the personal benefit of promoters and their families. These are the agency's allegations in ongoing investigations, not findings of guilt by a court.
The agency said it has arrested 10 individuals in the cases and filed six prosecution complaints under the PMLA, along with a complaint under the Foreign Exchange Management Act (FEMA). The attachment is part of an investigative process, and the underlying fraud allegations remain to be tested in proceedings.
Scale of the wider investigation
With the latest attachments, the ED says it has cumulatively attached or seized assets worth approximately Rs 23,100 crore so far in the several cases being investigated against the Reliance Anil Ambani Group under the PMLA and FEMA. The Rs 510 crore figure is the value of this latest round of attachments, not the total size of the alleged frauds, which the agency has described case by case.
The cases form part of a wider set of bank-fraud-linked money laundering investigations into group entities that have been under way for some time. Further attachments or court proceedings would be needed before any final determination on the allegations is made.
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Frequently asked questions
What did the ED attach this time?
Assets worth Rs 510 crore, including two chartered aircraft, six land parcels and office premises in Maharashtra in the RCom case, and two windmills in Tamil Nadu plus bank balances, fixed deposits, investments and receivables in the RHFL/RCFL case.
Does an attachment mean guilt has been proved?
No. Attachment under the money laundering law is an investigative step based on the agency's allegations. The underlying fraud allegations remain to be tested in proceedings, and no finding of guilt is implied.
How much has the ED attached in total in these cases?
About Rs 23,100 crore in assets attached or seized so far across the cases against the Reliance Anil Ambani Group, according to the agency.