NEW DELHI — India’s Enforcement Directorate has attached additional assets worth Rs 3,034.90 crore in the Reliance Communications bank fraud case, taking the total value of assets attached in cases linked to the Reliance Anil Ambani Group to more than Rs 19,344 crore, the agency said Tuesday.
The action is part of an ongoing investigation by a special investigation team formed on the directions of the Supreme Court to probe alleged diversion and laundering of bank and public funds involving the group.
In a statement, the Enforcement Directorate said it had provisionally attached the assets under provisions of the Prevention of Money Laundering Act to prevent their dissipation and safeguard the interests of banks and the public.
The investigation stems from multiple cases registered by the Central Bureau of Investigation following complaints by major lenders, including State Bank of India, Punjab National Bank, Bank of Baroda, and Life Insurance Corporation of India, against Reliance Communications, Anil D. Ambani, and others.
According to investigators, Reliance Communications and its group companies had taken loans from domestic and overseas lenders, with about Rs 40,185 crore currently outstanding.
The attached assets include a residential flat in Mumbai’s Usha Kiran building, a farmhouse in Khandala near Pune, and a land parcel in Sanand in Gujarat. Authorities have also attached 7.71 crore shares of Reliance Infrastructure Ltd held by RiseE Infinity Pvt Ltd, a group entity linked to Anil Ambani through the RiseE Trust.
Investigators allege that the trust structure was used to consolidate and protect assets for the Ambani family, shielding them from liabilities arising from personal guarantees tied to loans taken by Reliance Communications.
The Enforcement Directorate said the properties were intended for the benefit of the family rather than creditor banks, many of which classified the loans as non-performing assets.
In response, the Ambani family said the Mumbai flat and Khandala property were legacy assets acquired more than four decades ago. It also said that MICA, referenced in the investigation, is an independent charitable educational institution recognized by the All India Council for Technical Education and has operated separately since 1991.
The family added that the shareholding of RiseE Infinity Pvt Ltd in Reliance Infrastructure Ltd has been publicly disclosed on stock exchanges since 2021, underscoring transparency in its financial dealings.
It emphasized that a provisional attachment does not constitute a finding of guilt and said it would present its case before the adjudicating authority within the legal timeframe.
Under the law, confiscated assets can be returned to legitimate claimants, including banks that suffered losses, after due legal process. Officials said the attachments are aimed at preserving value so that public funds can ultimately be recovered.
The Enforcement Directorate said the investigation is ongoing. (Source: IANS)
