After the Enforcement Directorate seized assets worth more than Rs 3000 crore linked to Anil Ambani on Monday, Reliance Infrastructure Limited informed the stock exchanges that the development has no impact on its business operations, shareholders, employees, or other stakeholders.
In a regulatory filing under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the company stated that Anil Ambani has not been on the company’s Board for more than 3.5 years.
ED seized more than Rs. 3000 worth of assets
The Enforcement Directorate (ED) announced on Monday that it had temporarily taken control of more than 42 properties belonging to the Reliance Anil Ambani Group. These assets, worth over Rs. 3,083 crore, were attached on October 31 under the Prevention of Money Laundering Act (PMLA), 2002.
The action is linked to the alleged bank fraud cases involving Reliance Communications and the SBI, as well as cases related to Reliance Commercial Finance Limited (RCFL) and Reliance Home Finance Limited’s (RHFL) Yes Bank fraud.
According to the ED, the attached properties include 30 belonging to Reliance Infrastructure Limited, five to Adhar Property Consultancy Private Limited, four to Mohanbir Hi-tech Build Private Limited, and one each owned by Gamesa Investment Management Private Limited, Vihaan43 Realty Private Limited (formerly known as M/s Kunjbihari Developers Private Limited), and Campion Properties Limited.
The assets include Anil Ambani’s Pali Hill residence, Reliance Centre on Maharaja Ranjeet Singh Marg in New Delhi, and several other properties located in Delhi, Noida, Ghaziabad, Mumbai, Pune, Thane, Hyderabad, Chennai, Kancheepuram, and East Godavari.
Anil Ambani-led Reliance Group is accused of raising over Rs. 17,000 crore through RCFL and RHFL, and then diverting these funds through a complex network of related companies. This allegedly violated Sebi’s conflict-of-interest rules.
As per a PTI report, between 2017 and 2019, Yes Bank gave Rs. 2,965 crore to RHFL and Rs. 2,045 crore to RCFL.
ED said that by December 2019, these Yes Bank investments had turned into “non-performing” assets, with Rs. 1,353.50 crore pending for RHFL and Rs. 1,984 crore for RCFL.
In August, Anil Ambani was questioned by the ED after raids were conducted on 35 locations connected to 50 companies and 25 individuals, including executives from the Reliance Anil Ambani Group, in Mumbai on July 24.
Reliance Power and Reliance Infrastructure told stock exchanges that they acknowledged the raids but said they had “absolutely no impact” on their business operations. The investigation began after the CBI filed an FIR on July 24.
In September, the CBI filed a chargesheet against Anil Ambani and others over the transactions involving RCFL, RHFL, and Yes Bank.