Anil Ambani

Taking major action against companies linked to Anil Ambani Group, the Enforcement Directorate (ED) has temporarily attached (attached) properties worth about ₹ 1,885 crore. This action has been taken under bank fraud cases related to Reliance Home Finance, Reliance Commercial Finance, Reliance Communications and Yes Bank.

The assets attached by the ED through four separate orders include bank balances, receivables, shareholdings in unlisted companies and immovable properties. The attached assets also include Reliance Infrastructure's shares in BSES Yamuna Power, BSES Rajdhani Power and Mumbai Metro One.

ED also attached their property

Apart from this, bank balance of ₹148 crore and outstanding amount of ₹143 crore with Value Corp Finance and Securities Limited has also been seized. The ED has also attached a residential house in the name of two senior Reliance Group employees Angrai Sethuraman and share and mutual fund investments in the name of Puneet Garg.

According to ED, even before this, assets worth more than ₹ 10,117 crore have been attached in cases related to Reliance Communications, Reliance Home Finance and Reliance Commercial Finance. Now the total attachment has reached approximately ₹ 12,000 crore.

ED made these allegations against Anil Ambani group

The investigating agency alleges that Anil Ambani group companies misused public money and diverted funds. Between 2017 and 2019, Yes Bank invested thousands of crores in Reliance Home Finance and Reliance Commercial Finance, which later became NPA.

ED's investigation also revealed that to avoid the rules, the mutual fund money was first routed through Yes Bank and then to Reliance group companies. Apart from this, RCOM is also accused of loan fraud of more than ₹ 40,000 crore, in which many banks have declared the accounts as fraud. ED has said that the investigation is ongoing and efforts will be made to recover the proceeds of crime from the culprits and give them to the victims.