ED Attaches Rs 7,500 Crore in Anil Ambani Group Assets in Bank Fraud Probe
The Enforcement Directorate (ED) has provisionally attached assets worth approximately Rs 7,500 crore belonging to Anil Ambani’s group companies in a major bank fraud investigation.
Key Takeaways
- ED attaches over 132 acres in Navi Mumbai worth Rs 4,462 crore
- Previously attached 42 properties worth Rs 3,083 crore
- Five banks declared loan accounts as fraud with Rs 40,185 crore outstanding
Major Asset Attachments
The latest action involves over 132 acres of land in Dhirubhai Ambani Knowledge City (DAKC), Navi Mumbai, valued at Rs 4,462.81 crore. This attachment was made under the Prevention of Money Laundering Act, 2002.
Earlier, the agency had already attached 42 properties worth over Rs 3,083 crore in alleged bank fraud cases involving Anil Ambani’s Reliance Communications Ltd (RCOM), Reliance Commercial Finance Ltd and Reliance Home Finance Ltd.
Loan Fraud Details
RCOM and its group companies had secured loans from both domestic and foreign lenders starting from 2010-12 onwards. The outstanding amount currently stands at a staggering Rs 40,185 crore.
Five banks have officially declared these loan accounts as fraud, triggering the ED’s money laundering investigation.
Ongoing Legal Proceedings
According to sources, the Reliance Centre in New Delhi and DAKC were identified as RCOM’s assets. The company has been undergoing corporate insolvency resolution process for six years, with matters currently sub judice before the National Company Law Tribunal (NCLT) and the Supreme Court.
Anil Ambani served as a non-executive director on RCOM’s board and resigned from this position in 2019.
