'2 Planes, 6 Plots': Probe Agency's Rs 510-Crore Action On Anil Ambani Group

The Enforcement Directorate, India's top anti-money laundering agency, has attached several movable and immovable assets of firms linked to industrialist Anil Ambani, in connection with the Reliance Home Finance Limited/Reliance Commercial Finance Limited Bank fraud case and the Reliance Communications Limited bank fraud case. The assets include aircraft, bank deposits, fixed deposits, immovable properties, receivables and investments.

Listing the seized assets, the agency said in a statement that it has attached 2 chartered aircraft, 6 land parcels, and one office premises in Maharashtra. In the RCFL/ RHFL case, it seized two windmills in Tamil Nadu and bank deposits.

The total value of seized assets linked to the Reliance Anil Ambani Group under the provisions of PMLA and FEMA legislations has reached Rs 23,100 crore.

The ED investigation was initiated on the basis of multiple cases registered by CBI Delhi, the Economic Offences Wing of the Delhi Police, and the Economic Offences Wing of Mumbai Police.

READ | Company Law Tribunal Initiates Personal Insolvency Process Against Anil Ambani

The ED has also investigated two cases under the FEMA law. Companies under investigation include Reliance Communications Ltd, Reliance Home Finance Ltd, Reliance Commercial Finance Ltd, Reliance Infrastructure Ltd, Reliance Power Ltd and Reliance Capital Ltd, the agency said.

Assets valued at Rs 263.05 crore have been attached in the Reliance Home Finance Limited and Reliance Commercial Finance Limited Bank fraud case. Rs 247.12 crore worth of assets have been attached in the Reliance Communications Limited bank case.

The agency accused the Reliance Anil Ambani Group of being involved in siphoning off public funds from banks and financial institutions, misuse of IBC Law to fraudulently ring-fence corporate assets for personal use, diversion of public funds from India to offshore tax havens, etc. 

"A large part was utilised for the individual benefit of the promoters and their family," it alleged.

10 people have been arrested in these cases. 6 complaints were filed under the PMLA legislation and one complaint under the FEMA legislation.

READ | CBI Case Against Reliance Capital, Anil Ambani Over LIC Investment 'Fraud'

In August, the Central Bureau of Investigation (CBI) filed a First Information Report against Reliance Capital Limited (RCL) and its former chairman Anil Ambani for allegedly causing a loss of Rs 1,816.22 crore to the provident fund body EPFO.

Ambani, however, denied any wrongdoing.

"The FIR registered by the CBI pertains to Reliance Capital Limited. Mr Ambani served as a Non-Executive Director/Chairman of the Board of Reliance Capital Limited from 2005 until November 2021, when the Reserve Bank of India superseded the Board of Directors of the company and appointed an administrator." "Anil Ambani denies any wrongdoing whatsoever, and reserves all rights available to him in law," his spokesperson had said.