Key Takeaways
- ED attaches over 40 properties worth Rs 3,084 crore linked to Anil Ambani’s Reliance Group
- Properties include Mumbai’s Pali Hill residence and assets across 10 cities
- Case involves alleged money laundering through Yes Bank investments in group companies
The Enforcement Directorate has provisionally attached assets worth over Rs 3,000 crore belonging to Anil Ambani’s Reliance Group, including the family’s iconic Pali Hill residence in Mumbai, in a major money laundering investigation.
Wide Geographic Spread of Attached Properties
The attached properties span across Delhi, Noida, Ghaziabad, Mumbai, Pune, Thane, Hyderabad, Chennai, Kancheepuram, and East Godavari. These include office spaces, residential units, and land parcels with a total value of approximately Rs 3,084 crore.
Fund Diversion Through Yes Bank
The case centers on alleged diversion and laundering of public funds raised by two group companies: Reliance Home Finance Ltd (RHFL) and Reliance Commercial Finance Ltd (RCFL). Between 2017 and 2019, Yes Bank invested nearly Rs 5,000 crore in these companies, which later turned into non-performing assets with outstanding dues exceeding Rs 3,300 crore.
Complex Fund Routing to Bypass Regulations
Investigators uncovered a sophisticated fund routing mechanism where public money from Reliance Nippon Mutual Fund was indirectly channeled through Yes Bank to Anil Ambani Group companies. This arrangement allegedly bypassed SEBI’s conflict-of-interest rules that prohibit direct mutual fund investments in group firms.
Intentional Control Failures in Lending
The ED’s investigation revealed “intentional and consistent control failures” in the lending process. Loans to group-linked entities were “speed processed” without essential checks.
“Many loans were processed on the same day as application, sanction, and agreement, and in some cases, disbursal preceded sanction,” the ED stated. Field investigations were waived and documents were often found to be “left blank, overwritten, and undated.”
Related RCOM Probe Intensifies
In a related development, the ED has intensified its probe into the Reliance Communications Ltd (RCOM) loan fraud case, where it has detected a diversion of over Rs 13,600 crore.
The agency continues to trace the proceeds of crime and stated that recoveries made through such attachments would ultimately benefit the general public.
