ED Takes Major Action Against Reliance Anil Ambani Group: Total Attachments Reach Rs 10,117 Crore

New Delhi: The Enforcement Directorate (ED) has taken another major action in the bank fraud cases involving the Reliance Anil Ambani Group. The agency has provisionally attached additional assets worth Rs 1,120 crore. This brings the total attachments against the group to Rs 10,117 crore.

The ED has attached more than 18 properties, fixed deposits, bank balances, and unquoted investments belonging to several Reliance Group companies. These include:

• 7 properties of Reliance Infrastructure Limited
• 2 properties of Reliance Power Limited
• 9 properties of Reliance Value Service Private Limited...

FDs and bank balances of several companies are also included, such as:

• Reliance Value Service Pvt Ltd
• Reliance Venture Asset Management Pvt Ltd
• Phi Management Solutions Pvt Ltd
• Adhar Property Consultancy Pvt Ltd
• Gamesa Investment Management Pvt Ltd
• Similarly, investments made in unquoted investments have also been attached.
• Properties worth Rs 8,997 crore have already been attached.

The ED has previously attached properties worth Rs 8,997 crore in cases related to Reliance Communications (RCOM), Reliance Commercial Finance, and Reliance Home Finance.

The ED's investigation revealed that several Reliance Group companies also diverted public funds on a large scale. Including...

• Reliance Communications Ltd
• Reliance Home Finance Ltd (RHFL)
• Reliance Commercial Finance Ltd (RCFL)
• Reliance Infrastructure Ltd
• Reliance Power Ltd

Between 2017–2019, Yes Bank invested Rs 2,965 crore in RHFL and Rs 2,045 crore in RCFL. These investments later became NPAs. Investigations revealed that RHFL and RCFL had received over Rs 11,000 crore in public funds. Due to SEBI regulations, Reliance Nippon Mutual Fund could not invest directly in these companies. Therefore, the funds were routed through a circuitous route to Reliance companies via Yes Bank.

Based on the CBI FIR, the ED has also initiated investigations against RCOM, Anil Ambani, and others.

Between 2010 and 2012, group companies took loans worth Rs 40,185 crore from within the country and abroad.

Nine of these banks have declared these accounts fraudulent.

According to the ED:

• Rs 13,600 crore was repaid by taking out new loans and "evergreening" was carried out.
• Rs 12,600 crore was transferred to related parties.
• Rs 1,800 crore was invested in fixed deposits/MFs and rerouted back to group companies.
• Large-scale fund funneling was carried out through the misuse of bill discounting.
• Some money was also sent abroad.