ED attaches 40 assets worth ₹3,000 crore linked to Anil Ambani’s Reliance Group across Delhi, Mumbai, Chennai

The Enforcement Directorate (ED) temporarily seized 40 properties on Friday. ₹3,000 crore in connection with the money laundering case filed against Anil Ambani-led Reliance Group.

The attached properties include Anil Ambani’s Pali Hill residence in Mumbai and Reliance Center on Ranjit Singh Marg in Delhi. ED has also added several assets across Delhi, including land parcels in Noida and Ghaziabad, East Godavari, as well as properties in Mumbai, Pune, Thane, Hyderabad and 29 flats in Chennai. ₹109.6 crore. The action was taken under the Prevention of Money Laundering Act (PMLA).

These assets include office buildings, residential units and land parcels, according to officials. ₹3,084 crore.

As of now, Anil Ambani’s Reliance Group has not issued an official statement regarding the ED’s action.

What is the case about?

The ED’s latest action stems from allegations of fund diversion and laundering by Reliance Home Finance Ltd (RHFL) and Reliance Commercial Finance Ltd (RCFL). Yes Prohibited Between 2017-2019k allocated ₹2,965 crore on RHFL devices and ₹2,045 crore in RCFL instruments, PTI reported.

As of December 2019, these funds of Yes Bank turned into “non-performing” investments. ₹1,353.50 crore outstanding for RHFL and ₹1,984 crore for RCFL was mentioned in the report, citing ED.

Investigators claim this is too much ₹17,000 crore was routed through a collective loan scheme by various group companies, including Reliance Infrastructure.

In August, the ED interrogated Anil AmbanIFollowing raids on 35 premises linked to 50 companies and 25 individuals, including executives of his business group, in Mumbai on July 24.

Reliance Power and Reliance Infrastructure, which are part of the Anil Ambani group, later acknowledged the raids by notifying stock exchanges but said they had “absolutely no impact” on business operations, financial performance, shareholders, employees or other stakeholders.

The investigation, conducted on July 24, came after the Central Bureau of Investigation (CBI) registered an FIR.

In September, the CBI filed a chargesheet against Anil Ambani and others involved, citing fraudulent transactions between RCFL and RHFL and Yes Bank. The accusations also include companies owned by Yes Bank’s former CEO Rana Kapoor and his family. ₹2,796 crore to the bank, PTI reported.