The latest in the alleged loan fraud case related to Anil Ambani Group – The Enforcement Directorate (ED) has attached fresh assets worth more than Rs 1,400 crore as part of an alleged money laundering probe related to Reliance Group chairman Anil Ambani and his companies, as per official sources quoted by PTI. This brings the total value of assets attached in this case to about Rs 9,000 crore, as per PTI. FinancialExpress.com could not independently confirm the news and is awaiting official statement from the Anil Ambani Group on the matter.
The federal investigative agency had earlier attached properties worth Rs 7,500 crore in this case. The latest provisional attachment order has been issued under the Prevention of Money Laundering Act (PMLA) for the assets located in various parts of the country, according to sources quoted by PTI. The PTI report reiterated that a response from the Reliance Group is awaited.
What led to the ED probe in alleged money laundering case?
The action is related to allegations of diversion and laundering of public funds by Reliance Home Finance (RHFL) and Reliance Commercial Finance (RCFL). As per the Indian Express report, Yes Bank invested Rs 2,965 crore in RHFL and Rs 2,045 crore in RFCL between 2017 and 2019. The investments later turned non-performing, leaving Rs 1,353.50 crore outstanding for RHFL and Rs 1,984 crore for RFCL by December 2019. A response from Ambani’s spokesperson is awaited, the report mentioned.
Earlier ED attached assets worth Rs 3,084 crore
Earlier this month, the ED had provisionally attached assets valued at around Rs 3,084 crore linked to Ambani. These included a Mumbai residence, the Reliance Centre in Delhi and several properties across Delhi, Noida, Pune, Mumbai, East Godavari, Ghaziabad, Thane, Chennai, Kancheepuram and Hyderabad. The attachments were made under Section 5(1) of the PMLA and covered residential units, office spaces and land parcels.
Supreme Court issues notices on a PIL alleging massive fraud
On November 18, the Supreme Court issued notices to the Centre, ED, Anil Ambani and others on a PIL alleging massive banking and corporate fraud involving Reliance Communications (RCOM) and group companies.
A bench of Chief Justice BR Gavai and Justice K Vinod Chandran asked for replies within three weeks after hearing advocate Prashant Bhushan, representing the petitioner and former union secretary EAS Sarma. As per a PTI report, the CJI stated, “Issue notice… returnable in three weeks, let them file their replies.”
The plea alleges fabrication of financial statements, systematic diversion of public funds and institutional involvement across Reliance ADA Group entities. It also states that despite forensic audits flagging serious irregularities, the role of auditors, banks and regulators has not been investigated. The petition also references a Bombay High Court finding that earlier “recognised” evidence of fund diversion.
Anil Ambani Group stocks in focus
In several other instances the Anil Ambani Group stocks had clearly distanced themselves from the probe and highlighted that Anil Ambani is not on the board of any of the listed entities like Reliance Infrastructure and Reliance Power. That said, the Anil Ambani Group stocks have continued seeing selling pressure. Reliance Infrastructure hit 5% lower circuit and Reliance Power is down nearly 2% intra-day.