ED Attaches Anil Ambani Group Assets Worth ₹1,452 Crore in Fraud Case
The Enforcement Directorate (ED) has attached properties valued at ₹1,452.51 crore belonging to the Anil Ambani group in a major money laundering probe. The attached assets include buildings in Mumbai’s Dhirubhai Ambani Knowledge City and Millenium Business Park, along with land and buildings in Pune, Chennai, and Bhubaneswar.
Key Takeaways
- ED attaches ₹1,452.51 crore worth of Anil Ambani group properties
- Action under Prevention of Money Laundering Act (PMLA)
- Nine banks have declared group loan accounts as fraud
- Total outstanding loans amount to ₹40,185 crore
Previous Attachments and Investigation
This is not the first action against the group. The ED had previously attached properties worth over ₹7,545 crore in bank fraud cases involving Reliance Communications Ltd. (RCOM), Reliance Commercial Finance Ltd., and Reliance Home Finance Ltd.
The investigation began based on an FIR registered by the CBI under various sections of the Indian Penal Code and Prevention of Corruption Act against RCOM, Anil Ambani, and others.
Loan Details and Alleged Misuse
RCOM and its group companies had taken loans from domestic and foreign lenders starting from 2010-2012. A total amount of ₹40,185 crore remains outstanding from these loans.
The ED probe revealed that loans taken by one entity from a bank were reportedly used for repaying loans taken by other entities from different banks. Funds were also transferred to related parties and invested in mutual funds, which allegedly violated the terms and conditions of the loan sanction letters.
Nine banks have officially declared the loan accounts of the Anil Ambani group as fraud, leading to the current enforcement action.
