ED Attaches Fresh Assets Worth Over Rs 1,400 Crore in Ambani Probe
The Enforcement Directorate (ED) has provisionally attached fresh assets valued at over Rs 1,400 crore in its ongoing money laundering probe against Reliance Group chairman Anil Ambani and his companies, according to official sources quoted by PTI.
Key Takeaways
- Total attached assets in this case now stand at approximately Rs 9,000 crore
- Latest attachment covers properties across multiple locations in India
- Action relates to alleged diversion of public funds through Reliance Home Finance and Reliance Commercial Finance
The federal agency had previously attached properties worth Rs 7,500 crore in the same case. The latest order has been issued under the Prevention of Money Laundering Act (PMLA).
FinancialExpress.com could not independently confirm the development and is awaiting an official statement from the Anil Ambani Group. The PTI report noted that a response from the Reliance Group is still awaited.
What Triggered the ED Investigation?
The probe stems from allegations of diversion and laundering of public funds by Reliance Home Finance (RHFL) and Reliance Commercial Finance (RCFL). According to an Indian Express report, Yes Bank invested Rs 2,965 crore in RHFL and Rs 2,045 crore in RCFL between 2017 and 2019.
These investments later turned non-performing, leaving Rs 1,353.50 crore outstanding for RHFL and Rs 1,984 crore for RCFL by December 2019. A response from Ambani’s spokesperson is awaited on these allegations.
Earlier Asset Attachments
Earlier this month, the ED had provisionally attached assets valued at around Rs 3,084 crore linked to Ambani. These included a Mumbai residence, the Reliance Centre in Delhi, and several properties across Delhi, Noida, Pune, Mumbai, East Godavari, Ghaziabad, Thane, Chennai, Kancheepuram and Hyderabad.
The attachments were made under Section 5(1) of the PMLA and covered residential units, office spaces and land parcels.
Supreme Court Action on PIL
On November 18, the Supreme Court issued notices to the Centre, ED, Anil Ambani and others on a Public Interest Litigation (PIL) alleging massive banking and corporate fraud involving Reliance Communications (RCOM) and group companies.
A bench of Chief Justice BR Gavai and Justice K Vinod Chandran asked for replies within three weeks after hearing advocate Prashant Bhushan, representing the petitioner and former union secretary EAS Sarma.
As per a PTI report, the CJI stated, “Issue notice… returnable in three weeks, let them file their replies.”
The plea alleges fabrication of financial statements, systematic diversion of public funds and institutional involvement across Reliance ADA Group entities. It also states that despite forensic audits flagging serious irregularities, the role of auditors, banks and regulators has not been investigated.
The petition references a Bombay High Court finding that earlier “recognised” evidence of fund diversion.
Market Impact on Anil Ambani Group Stocks
While the Anil Ambani Group has previously distanced its listed entities from the probe, highlighting that Anil Ambani is not on the board of companies like Reliance Infrastructure and Reliance Power, the stocks have continued facing selling pressure.
Reliance Infrastructure hit the 5% lower circuit and Reliance Power declined nearly 2% during intra-day trading following the news.
