NEW DELHI/MUMBAI — The Enforcement Directorate said on Friday that it has provisionally attached properties and assets linked to Anil Ambani-led Reliance Group entities worth Rs 10,117 crore to date.
In its latest action, the agency attached more than 18 properties, fixed deposits, bank balances and unquoted shareholdings of Reliance Home Finance Limited, Reliance Commercial Finance Limited and others “worth Rs 1,120 crore in Reliance Home Finance Limited/Reliance Commercial Finance Limited/Yes Bank Fraud Case”.
The attached properties include seven assets of Reliance Infrastructure Limited, two belonging to Reliance Power Limited and nine linked to Reliance Value Service Private Limited.
Also attached are fixed deposits in the names of Reliance Value Service Private Limited, Reliance Venture Asset Management Private Limited, Phi Management Solutions Private Limited, Adhar Property Consultancy Pvt Ltd and Gamesa Investment Management Private Limited, along with unquoted investments held by Reliance Venture Asset Management Private Limited and Phi Management Solutions Private Limited.
In a statement, Reliance Infrastructure Limited said that of the total amount cited, “Rs 8,078 crore pertains to assets of Reliance Communications Limited, a company that ceased to be a part of the Reliance Group since 2019—that is, for more than six years”.
“Reliance Communications has been undergoing the Corporate Insolvency Resolution Process (CIRP) and is currently managed entirely by the Resolution Professional, under the supervision of the Hon’ble NCLT and its Committee of Creditors (CoC), led by the State Bank of India (SBI), along with a consortium of banks and lenders,” the company said.
Reliance Infrastructure Limited said it “continues to operate normally, remaining fully committed to growth, operational excellence, and the creation of sustainable value for all stakeholders, including its community of over 7 lakh shareholders”.
In a separate statement, Reliance Power said it continues to operate normally and remains focused on creating value for its more than 43 lakh shareholders. “The Company, based on legal advice, will take all appropriate action to protect the interests of its shareholders,” it said.
The ED had earlier attached properties worth more than Rs 8,997 crore in bank fraud cases involving Reliance Communications Ltd (RCOM), Reliance Commercial Finance Ltd (RCFL) and Reliance Home Finance Ltd (RHFL).
“Therefore, Cumulative Group Attachment reached Rs 10,117 crore. The ED has detected fraudulent diversion of public money by various Reliance Anil Ambani group companies, including Reliance Communications Ltd, Reliance Home Finance Ltd (RHFL), Reliance Commercial Finance Ltd (RCFL), Reliance Infrastructure Ltd (RIL) & Reliance Power Ltd (RHFL),” the agency said.
According to the ED, between 2017 and 2019, Yes Bank invested Rs 2,965 crore in RHFL instruments and Rs 2,045 crore in RCFL instruments, which became non-performing by December 2019. The outstanding amounts were Rs 1,353.50 crore for RHFL and Rs 1,984 crore for RCFL.
The agency said RHFL and RCFL received public funds exceeding Rs 11,000 crore. It has also initiated an investigation based on a CBI FIR under the Indian Penal Code and the Prevention of Corruption Act against RCOM, Anil Ambani and others.
According to the ED, RCOM and its group companies diverted over Rs 13,600 crore toward evergreening of loans; over Rs 12,600 crore was diverted to connected parties and more than Rs 1,800 crore was invested in FDs and mutual funds, much of which was later liquidated and rerouted to group entities. (Source: IANS)
