Why has ED attached ₹510 crore in Reliance Anil Ambani Group assets? 2 chartered planes, properties among those seized
The Enforcement Directorate (ED) on Tuesday said it had attached properties worth ₹510.17 crore belonging to the Reliance Anil Ambani Group as part of its ongoing investigations into alleged bank fraud involving companies within the group, news agency ANI reported.
The attachment covers assets linked to two separate investigations: ₹263.05 crore in the Reliance Home Finance and Reliance Commercial Finance cases, and ₹247.12 crore in the Reliance Communications case.
In the Reliance Communications case, the ED has attached two private aircraft, a Dassault Falcon 2000 (VT-AAT) and an Embraer EMB-135BJ (VT-OMM), along with six plots of land and an office property in Maharashtra. The action against Reliance Home Finance and Reliance Commercial Finance includes two windmills in Tamil Nadu, along with bank deposits, fixed deposits, investments and outstanding receivables.
With these fresh attachments, ED has cumulatively attached and seized assets worth approximately ₹23,100 crores till date in several cases being investigated against Reliance Anil Ambani Group under the provisions of the Prevention of Money Laundering Act (PMLA) and Foreign Exchange Management Act (FEMA).
ED initiated an investigation under PMLA on the basis of multiple FIRs registered by the Central Bureau of Investigation (CBI) and the Economic Offences Wing (EOW), Mumbai.
ED said it has also investigated two cases under FEMA. Companies under investigation include Reliance Communication Ltd, Reliance Home Finance Ltd, Reliance Commercial Finance Ltd, Reliance Infrastructure Ltd, Reliance Power Ltd and Reliance Capital Ltd.
ED investigation into the Reliance Anil Ambani Group revealed that the group was involved in siphoning off of public funds from banks and financial institutions, misuse of IBC Law to fraudulently ring-fence corporate assets for personal use, 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.
ED has arrested 10 individuals in these cases and filed 6 prosecution complaints under PMLA. Further, one complaint has also been filed under the provisions of FEMA.
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