The Enforcement Directorate (ED) has attached assets worth more than Rs 3,000 crore belonging to Reliance Group Chairman Anil Ambani as part of its money laundering probe against his group companies. Official sources gave this information on Monday.
The federal probe agency has issued four provisional orders to attach properties under the Prevention of Money Laundering Act (PMLA), sources said. These properties include 66-year-old Ambani’s house in Pali Hill, Mumbai and other residential and commercial properties of his group companies.
A plot of Reliance Center on Maharaja Ranjit Singh Marg in Delhi and several other properties in the national capital, Noida, Ghaziabad, Mumbai, Pune, Thane, Hyderabad, Chennai and East Godavari have also been attached. According to sources, the total value of the attached properties is Rs 3,084 crore.
The case pertains to alleged misappropriation and money laundering of public funds raised by Reliance Home Finance Limited (RHFL) and Reliance Commercial Finance Limited (RCFL).
Yes Bank invested Rs 2,965 crore in RHFL and Rs 2,045 crore in RCFL during 2017 to 2019.
According to the ED, by December 2019, these investments had turned into “non-performing” investments, with RHFL owing Rs 1,353.50 crore and RCFL Rs 1,984 crore.
The action against Ambani pertains to alleged financial irregularities and diversion of collective debt of over Rs 17,000 crore by several group companies, including Reliance Infrastructure, instead of as intended.
ED had interrogated the industrialist in this matter in August. The inquiry was conducted on July 24 after the agency searched 35 premises of 25 people, including officials of 50 companies and their business groups, in Mumbai.
This money laundering case of the directorate is related to an FIR of the Central Bureau of Investigation (CBI).
