The Enforcement Directorate (ED) has attached additional assets worth around Rs 510 crore belonging to the Reliance Anil Ambani Group in connection with alleged bank fraud cases involving Reliance Communications (RCOM), Reliance Home Finance Limited (RHFL) and Reliance Commercial Finance Limited (RCFL).The latest attachment includes aircraft, bank balances, fixed deposits, immovable property, receivables and investments in two separate cases. These comprise assets worth Rs 247.12 crore in the RCOM bank fraud case and Rs 263.05 crore in the RHFL/RCFL bank fraud case.With the latest action, the ED has attached or seized assets worth approximately Rs 23,100 crore in various cases being investigated against the Reliance Anil Ambani Group under the Prevention of Money Laundering Act (PMLA) and the Foreign Exchange Management Act (FEMA).AIRCRAFT, LAND PARCELS AMONG ATTACHED ASSETSIn the RCOM case, the attached assets include two chartered aircraft, six land parcels and an office premises in Maharashtra.
In the RHFL/RCFL case, the agency has attached two windmills in Tamil Nadu, along with bank balances, fixed deposits, investments and receivables.ED PROBE INTO ALLEGED DIVERSION OF PUBLIC FUNDSThe ED initiated its investigation based on multiple FIRs registered by the Central Bureau of Investigation (CBI) in Delhi and the Economic Offences Wings (EOW) of Delhi and Mumbai. It has also investigated two cases under FEMA.
The companies under investigation include Reliance Communications, Reliance Home Finance, Reliance Commercial Finance, Reliance Infrastructure, Reliance Power and Reliance Capital.According to the ED, its investigation has revealed alleged siphoning of public funds from banks and financial institutions, misuse of the Insolvency and Bankruptcy Code (IBC) to ring-fence corporate assets for personal use, and diversion of funds from India to offshore tax havens.The agency has alleged that a substantial portion of the funds was used for the personal benefit of the promoters and their family members.The ED has arrested 10 individuals in these cases and filed six prosecution complaints under the PMLA. It has also filed one complaint under FEMA.- Ends