The Enforcement Directorate has provisionally attached over 40 properties linked to the Anil Ambani-led Reliance Group, with a total value exceeding Rs 3,000 crore.
The Enforcement Directorate (ED) has taken significant action against the Anil Ambani-led Reliance Group by provisionally attaching more than 40 properties, including the well-known Pali Hill residence in Mumbai. The total estimated value of these assets exceeds Rs 3,000 crore.
These properties are located in several major cities across India, including Delhi, Noida, Ghaziabad, Mumbai, Pune, Thane, Hyderabad, Chennai, Kancheepuram, and East Godavari. The attached assets comprise a diverse mix of office spaces, residential units, and land parcels, amounting to approximately Rs 3,084 crore.
This enforcement action is part of a broader investigation into allegations of money laundering and the diversion of public funds raised by Reliance Home Finance Ltd (RHFL) and Reliance Commercial Finance Ltd (RCFL). Between 2017 and 2019, Yes Bank invested nearly Rs 5,000 crore into these companies, which subsequently became non-performing assets, resulting in dues exceeding Rs 3,300 crore.
The investigation has unveiled a complex mechanism allegedly designed to bypass regulatory norms. It was discovered that public funds invested in the former Reliance Nippon Mutual Fund were funneled through Yes Bank to various Anil Ambani Group firms. This maneuver sidestepped the Securities and Exchange Board of India’s (SEBI) conflict-of-interest regulations, which prohibit mutual funds from investing directly in affiliated companies.
As part of its financial investigation, the ED has identified serious lapses in the loan processing procedures of these companies. Findings indicate that loans were processed rapidly without adhering to standard checks, with disbursements occurring before formal approvals. Additionally, many loan applications were found to be incomplete, with critical fields left blank, overwritten, or undated, highlighting systematic failures in control mechanisms.
The ED has also intensified its scrutiny of the Reliance Communications Ltd (RCOM) loan fraud case, where it is alleged that over Rs 13,600 crore have been diverted. The agency continues to trace the proceeds of these crimes and is actively pursuing asset recovery efforts aimed at benefiting the public.
According to Global Net News, the ED’s actions reflect a significant escalation in its efforts to address financial irregularities associated with the Reliance Group.
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