The Enforcement Directorate (ED) has attached assets worth more than Rs 3,000 crore linked to Reliance Group Chairman Anil Ambani as part of a alleged money laundering investigation against his group companies, as per a report by PTI.
As per the PTI report, the federal probe agency has issued four provisional orders under the Prevention of Money Laundering Act (PMLA) for attaching the properties, including the 66-year-old Ambani’s house in Pali Hill, Mumbai, apart from other residential and commercial properties of his group companies.
A plot of land belonging to Reliance Centre on Maharaja Ranjit Singh Marg in Delhi and multiple other assets in the national capital, Noida, Ghaziabad, Mumbai, Pune, Thane, Hyderabad, Chennai and East Godavari have also been attached. According to the PTI, the total value of the attached assets is Rs 3,084 crore.
Anil Ambani ED attachment: Funds raised by RHFL, RCFL under scanner
The case pertains to alleged diversion and laundering of public funds raised by Reliance Home Finance (RHFL) and Reliance Commercial Finance (RCFL). During 2017-2019, Yes Bank invested Rs 2,965 crore in RHFL instruments and Rs 2,045 crore in RCFL instruments.
These turned into “non-performing” investments by December 2019, with Rs 1,353.50 crore then outstanding for RHFL and Rs 1,984 crore for RCFL, according to the ED.
ED links Anil Ambani firms to Rs 17,000 crore loan diversion case
The action against Ambani pertains to alleged financial irregularities and collective loan “diversion” pegged at more than Rs 17,000 crore by multiple group companies, including Reliance Infrastructure. The businessman was questioned in the case by the ED in August.
This came after the agency searched 35 premises of 50 companies and 25 people, including executives of his business group, in Mumbai on July 24. The ED’s money laundering case stems from a Central Bureau of Investigation FIR.
Anil Ambani Group stocks
Anil Ambani group stocks slide following the news-
Reliance Infrastructure shares fell nearly 5% to hit an intra-day low at Rs 204.00 in Monday’s trade following the news.
Reliance Power shares also fell nearly 2% to hit an intra-day low at Rs 45.40.
Reliance communication is also down almost 1.5%.