ED Attaches Anil Ambani’s Assets Worth Over ₹3,000 Crore in Money Laundering Case
The Enforcement Directorate has attached properties valued at approximately ₹3,084 crore belonging to Reliance Group Chairman Anil Ambani in a major money laundering investigation involving his group companies.
Key Takeaways
- ED attaches 40+ properties worth ₹3,084 crore linked to Anil Ambani
- Case involves alleged diversion of public funds from Reliance Home Finance and Reliance Commercial Finance
- Investigation reveals serious control failures and irregular loan processing
Properties Attached Across India
The attached assets span multiple cities including the Ambani family’s Pali Hill residence in Mumbai, properties in Delhi, Noida, Ghaziabad, Pune, Thane, Hyderabad, Chennai, Kancheepuram, and East Godavari. The attachment orders were issued on October 31 under the Prevention of Money Laundering Act.
The seized properties include office premises, residential units, land parcels, and the prominent Reliance Centre on Maharaja Ranjeet Singh Marg in New Delhi.
Yes Bank Investments Turn Sour
During 2017-2019, Yes Bank invested ₹2,965 crore in Reliance Home Finance instruments and ₹2,045 crore in Reliance Commercial Finance instruments. By December 2019, these had turned into non-performing investments with outstanding amounts of ₹1,353.50 crore for RHFL and ₹1,984 crore for RCFL.
Fund Diversion Mechanism
The ED investigation found that direct investment by Reliance Nippon Mutual Fund into Anil Ambani Group companies was prohibited under SEBI’s conflict-of-interest framework. However, public money from the mutual fund was allegedly routed indirectly through Yes Bank exposures to ultimately reach group companies.
Funds were channeled through Yes Bank’s exposures to RHFL and RCFL, which then extended loans to entities linked to the Reliance Anil Ambani group, resulting in diversion and siphoning of funds.
Serious Control Failures Uncovered
The ED discovered alarming irregularities in loan processing:
- Loans to group-linked companies were processed without proper prudential checks
- Many loans were approved on the same day as application
- In some cases, disbursal occurred before sanction
- Field investigations and personal discussions were waived
- Documents were left blank, overwritten, and undated
Expanded Probe into RCOM
The ED has intensified its investigation into Reliance Communications Ltd and related companies, uncovering diversion of over ₹13,600 crore used in evergreening loans. Additionally, over ₹12,600 crore was allegedly diverted to connected parties, and ₹1,800 crore invested in fixed deposits and mutual funds was substantially liquidated for rerouting to group entities.
The agency continues to trace proceeds of crime and secure further property attachments in this ongoing investigation.
