New Delhi, Nov 3 (NVI) The Enforcement Directorate (ED) has attached properties worth Rs 510.17 crore belonging to the Reliance Anil Ambani Group in connection with its ongoing investigations into alleged bank fraud involving several group companies, the agency said today.
The attached assets include two chartered aircraft, bank balances, fixed deposits, land parcels, office premises, receivables and investments.
Of the total, assets worth Rs 263.05 crore have been attached in connection with the alleged bank fraud involving Reliance Home Finance Ltd (RHFL) and Reliance Commercial Finance Ltd (RCFL), while assets worth Rs 247.12 crore have been attached in the Reliance Communications Ltd (RCOM) case.
In the RCOM case, the attached assets include two chartered aircraft — a Dassault Falcon 2000 (VT-AAT) and an Embraer EMB-135BJ (VT-OMM) — six land parcels and an office premises in Maharashtra.
In the RHFL and RCFL cases, the agency has attached two windmills in Tamil Nadu, along with bank balances, fixed deposits, investments and receivables.
With these latest attachments, the total value of assets attached or seized by the ED in various cases involving the Reliance Anil Ambani Group has reached approximately Rs 23,100 crore. The investigations are being conducted under the Prevention of Money Laundering Act (PMLA) and the Foreign Exchange Management Act (FEMA).
The ED initiated its PMLA investigation based on multiple FIRs registered by the Central Bureau of Investigation (CBI) and the Economic Offences Wing (EOW), Mumbai. The agency has also investigated two cases under FEMA.
The companies under investigation include Reliance Communications Ltd, Reliance Home Finance Ltd, Reliance Commercial Finance Ltd, Reliance Infrastructure Ltd, Reliance Power Ltd and Reliance Capital Ltd.
According to the ED, its investigation has revealed the alleged siphoning off of public funds obtained from banks and financial institutions, misuse of the Insolvency and Bankruptcy Code (IBC) to fraudulently ring-fence corporate assets for personal benefit, and diversion of public funds from India to offshore tax havens.
“A large part was utilised for the individual benefit of the promoters and their family,” the agency said in a statement.
The ED has arrested 10 individuals in these cases and filed six prosecution complaints under the PMLA. It has also filed one complaint under the FEMA.
Further investigation is underway. (NVI)
