ED attaches ₹1,452 crore fresh assets linked to Anil Ambani Reliance group

The ED said RCom and its group companies availed loans from multiple domestic and overseas lenders between 2010 and 2012, with outstanding dues now at ₹40,185 crore and several accounts declared fraud

The Enforcement Directorate (ED) on Thursday said it has provisionally attached fresh assets valued at ₹1,452.51 crore in connection with its money-laundering probe into alleged bank fraud linked to Anil Ambani's Reliance Group.

 

The seizure covers multiple buildings linked to Reliance Communications (RCom) and other group entities, including those in the Dhirubhai Ambani Knowledge City (DAKC) and Millenium Business Park in Navi Mumbai, as well as land parcels and properties in Pune, Chennai and Bhubaneswar, the agency said.

 

It added that the action was taken under provisions of the Prevention of Money Laundering Act (PMLA), 2002. Earlier this month, the agency attached assets worth over ₹7,545 crore in the bank fraud cases involving RCom, Reliance Commercial Finance and Reliance Home Finance. Together, the total value of assets seized so far is now about ₹8,997 crore. 

What are the charges against RCom?

According to the agency, RCom and its group companies availed loans from domestic and overseas lenders from 2010–12 onwards, with outstanding dues now totalling ₹40,185 crore. Nine banks have classified the group’s loan accounts as fraudulent, it said.

 

The ED added that its probe points to widespread diversion of funds, including the use of loans taken from one lender to repay borrowings from another, related-party transfers and investments in mutual funds in violation of loan conditions.

 

The agency alleged that over ₹13,600 crore was routed to evergreen loans, more than ₹12,600 crore was funnelled to connected entities, and around ₹1,800 crore was placed in fixed deposits and MFs before being liquidated and redirected. “Huge misuse of bill discounting for the purpose of funnelling funds to connected parties has also been detected by ED. Certain loans were siphoned off outside India through foreign outward remittances,” it added.

 

Why has Reliance Group distanced itself from RCom?

Shortly after the ED’s statement, the Reliance Group said the assets attached by the agency belong solely to RCom and have no connection to the current Reliance Group businesses.

 

“Reliance Group would like to clarify that as per ED's own Media Release, the attached assets belong to Reliance Communications (RCom), which has not been a part of the Reliance Group since 2019 – i.e. for the last six years,” the company said, adding that RCom has been in insolvency proceedings for the past six years.

 

The statement added that Anil Ambani has had no involvement with RCom since his resignation from the firm in 2019.