Key Takeaways
- ED seizes ₹3,000 crore assets from Anil Ambani in money laundering probe
- Properties include bungalows, flats, and offices across multiple cities
- Investigation linked to alleged ₹17,000 crore financial irregularities
- Yes Bank loans worth ₹5,010 crore under scrutiny for due diligence lapses
The Enforcement Directorate (ED) has seized assets worth approximately ₹3,000 crore from Reliance Group Chairman Anil Ambani in a major money laundering crackdown. The seized properties span multiple cities including Mumbai, Delhi, and Hyderabad, marking a significant escalation in the ongoing financial probe.
Massive Asset Seizure Across Major Cities
The ED’s action targets properties belonging to Reliance Infrastructure Ltd and Reliance Communications. The agency is currently conducting searches at Ambani’s Mumbai residence as part of the investigation into alleged bank fund misuse.
Linked to ₹17,000 Crore Financial Irregularities
The probe centers on money laundering and bank fraud allegations involving over ₹17,000 crore. While the Reliance Group has previously termed these allegations “baseless and speculative,” the ED has filed a chargesheet detailing fraudulent transactions between Reliance Group companies, Yes Bank, and firms connected to former Yes Bank CEO Rana Kapoor’s family.
Yes Bank Loans Under Intense Scrutiny
Between 2017-2019, Yes Bank sanctioned substantial loans to Reliance Group companies:
- ₹2,965 crore to Reliance Home Finance Ltd (RHFL)
- ₹2,045 crore to Reliance Commercial Finance Ltd (RCFL)
Both accounts turned into non-performing assets in 2019, with outstanding dues of ₹1,353.5 crore (RHFL) and ₹1,984 crore (RCFL). Investigations revealed these loans were approved without proper due diligence, sometimes even before formal approval.
Expanding Investigation and Parallel Probes
Anil Ambani was questioned by the ED in August, while the CBI is conducting a parallel investigation into his companies’ financial dealings. The case has significantly widened, now examining fund flows between banks, corporate entities, and intermediary firms.
