The Enforcement Directorate has taken decisive action against Reliance Group Chairman Anil Ambani. Assets worth over Rs 3,000 crore have been attached in a money laundering investigation. This marks a significant development in the ongoing probe.
Official sources confirmed the federal probe agency issued four provisional orders under PMLA. These orders target properties including Ambani’s Pali Hill residence in Mumbai. Multiple residential and commercial properties across his group companies are included.
The attached assets span several major Indian cities. Properties in Delhi, Noida, Ghaziabad, and Mumbai are part of the seizure. Hyderabad, Chennai, Pune, Thane, and East Godavari locations are also affected.
One notable property is the Reliance Centre plot on Maharaja Ranjit Singh Marg in Delhi. This prime location represents just one piece of the extensive asset portfolio. The total valuation stands at a staggering Rs 3,084 crore.
The case centers on alleged financial misconduct.
Investigators focus on suspected diversion and laundering of public funds. Specifically, funds raised by Reliance Home Finance Ltd and Reliance Commercial Finance Ltd are under scrutiny. These allegations form the core of the money laundering case.
Yes Bank’s investments play a crucial role in the investigation. Between 2017 and 2019, the bank invested Rs 2,965 crore in RHFL instruments. An additional Rs 2,045 crore went into RCFL instruments during the same period.
These investments turned problematic by December 2019.
Both sets of instruments became non-performing assets. The outstanding amounts reached Rs 1,353.50 crore for RHFL and Rs 1,984 crore for RCFL. This financial deterioration triggered regulatory attention.
The money laundering probe extends beyond these specific companies.
Alleged financial irregularities involve multiple group entities including Reliance Infrastructure. The total suspected loan diversion exceeds Rs 17,000 crore according to investigation documents. This represents one of India’s largest financial probes.
Ambani faced direct questioning in August.
The ED conducted extensive searches before his interrogation. On July 24, the agency raided 35 premises connected to 50 companies. Twenty-five individuals including group executives were subject to search operations.
The current money laundering case has deeper origins.
It stems from a Central Bureau of Investigation FIR filed earlier. The ED typically follows up on CBI cases involving financial crimes. This coordinated approach strengthens the legal proceedings.
Asset attachment represents a key step in PMLA enforcement.
Provisional orders allow authorities to secure properties during ongoing investigations. This prevents potential disposal or concealment of assets. The action demonstrates the seriousness of the money laundering allegations.
Financial regulators continue monitoring the situation.
The case highlights ongoing concerns about corporate governance in India’s financial sector. It underscores the importance of transparent financial practices. Authorities remain vigilant about potential money laundering activities.
This development signals intensified regulatory scrutiny.
The substantial value of attached assets reflects the case’s magnitude. It represents one of the largest such actions against a prominent business figure. The outcome could influence future financial regulations.
The investigation continues unfolding as authorities examine evidence.