NEW DELHI– India’s Enforcement Directorate (ED) has attached assets valued at approximately Rs 510 crore in connection with ongoing investigations into alleged financial fraud and money laundering involving companies associated with billionaire businessman Anil Ambani’s Reliance Group.
The latest enforcement action includes the attachment of aircraft, bank balances, fixed deposits, real estate, investments and receivables, according to a statement issued by the federal financial crime investigation agency Tuesday.
The ED said assets worth Rs 263.05 crore were attached in connection with alleged bank fraud involving Reliance Home Finance Limited (RHFL) and Reliance Commercial Finance Limited (RCFL).
An additional Rs 247.12 crore in assets were attached as part of a separate investigation involving Reliance Communications Limited (RCOM).
In the Reliance Communications case, authorities attached two chartered aircraft, six plots of land and office properties in Maharashtra.
Assets attached in the Reliance Home Finance and Reliance Commercial Finance investigations include two windmills in Tamil Nadu, along with bank balances, fixed deposits, investments and receivables.
With the latest action, the total value of assets attached or seized in investigations involving the Anil Ambani-led Reliance Group has reached approximately Rs 23,100 crore, the ED said.
The investigations are being conducted under India’s Prevention of Money Laundering Act (PMLA) and Foreign Exchange Management Act (FEMA).
According to the agency, the investigations originated from multiple First Information Reports filed by the Central Bureau of Investigation (CBI) in Delhi and the Economic Offences Wings of the Delhi and Mumbai police.
The ED has also investigated two cases under FEMA involving companies associated with the business group.
Companies under investigation include Reliance Communications Limited, Reliance Home Finance Limited, Reliance Commercial Finance Limited, Reliance Infrastructure Limited, Reliance Power Limited and Reliance Capital Limited.
The agency alleged that its investigations uncovered the diversion of public funds obtained from banks and financial institutions, as well as the misuse of India’s Insolvency and Bankruptcy Code to shield corporate assets for personal benefit.
Investigators also alleged that funds were transferred from India to offshore tax havens and that substantial amounts were used for the personal benefit of company promoters and their families.
These allegations are part of the ED’s ongoing investigations and have not been presented as judicial findings of guilt.
The agency said it has arrested 10 individuals in connection with the cases and filed six prosecution complaints under the Prevention of Money Laundering Act, 2002.
An additional complaint has been filed under the Foreign Exchange Management Act.
The Enforcement Directorate said further investigations remain underway as authorities continue examining the financial transactions and assets associated with the Reliance Group companies. (Source: IANS)
