ED Attaches Fresh Assets Worth ₹1,452 Cr in Case Against Anil Ambani's Reliance Group

The Enforcement Directorate on Thursday said it has attached fresh assets worth more than ₹1,452 crore as part of a money laundering investigation against businessman Anil Ambani's Reliance Group company RCOM.

Responding to the development, the Reliance Group said the assets belong to Reliance Communications (RCOM) which has not been a part of the group since 2019.

A provisional order has been issued under the Prevention of Money Laundering Act (PMLA) to attach multiple buildings located in the Dhirubhai Ambani Knowledge City (DAKC) and Millennium Business Park, Navi Mumbai, as well as plots and buildings situated in Pune, Chennai and Bhubaneswar, the ED said in a statement.

These properties are worth ₹1452.51 crore and belong to RCOM, according to the federal agency.

The Reliance Group said in a statement that RCOM is undergoing insolvency proceedings for the last six years. "Mr Anil D. Ambani is in no way involved with Reliance Communications and has resigned six years ago in 2019," the statement added.

The ED had earlier attached properties worth ₹7,500 crore in this case related to alleged bank loan fraud and other financial irregularities.

With the latest order, the total attachment in money laundering cases against the Reliance Group stands at ₹8,997 crore.

The ED alleged RCOM and its group companies availed loans from domestic and foreign lenders from 2010-2012 onwards, of which a total amount of ₹40,185 crore was outstanding.

"Nine banks have declared the loan accounts of the Group as fraud. The loans taken by one entity from one bank were utilised for repayment of loans taken by other entities from other banks, transfer to related parties, and investments in mutual funds, which was in contravention to the terms and conditions of the sanction letter of the loans," the agency claimed.

RCOM and its group companies "diverted" over ₹13,600 crore for "evergreening" of loans, over ₹12,600 crore was "diverted" to connected parties and over ₹1,800 crore was "invested" in fixed deposits and mutual funds, etc., which was substantially liquidated for re-routing to group entities, the ED probe found.

The Reliance Group said the latest attachment order has no material impact on the operations, performance, or future prospects of Reliance Infrastructure and Reliance Power.

Both the companies continue to operate as usual, maintaining their focus on growth, operational excellence, and their commitment to all stakeholders, especially the over 50-lakh strong shareholder family, the group said.

As per the group, Ambani has not served on the Board of Directors of either Reliance Infrastructure or Reliance Power for over three-and-a-half years.

The ED has alleged "huge misuse of bill discounting for the purpose of funnelling funds to connected parties". "Certain loans were siphoned off outside India through foreign outward remittances," it added.

Ambani has once been questioned by the ED in this case in August even as the agency has summoned him afresh in a foreign exchange violation case.