ED Attaches ₹581.65 Crore Worth Assets Linked To RHFL, RCFL Of Reliance Anil Ambani Group

Mumbai, March 12: The Enforcement Directorate (ED) has provisionally attached 31 immovable properties worth Rs 581.65 crore in connection with its probe into alleged money laundering with regard to Reliance Home Finance Limited (RHFL) and Reliance Commercial Finance Limited (RCFL), officials said on Wednesday.

The attached assets include land parcels located across multiple states, including Maharashtra, Goa, Kerala, Karnataka, Punjab, Tamil Nadu, Uttar Pradesh, Haryana, Jharkhand, Delhi, West Bengal, Andhra Pradesh and Rajasthan. The action, carried out on March 11, follows search operations conducted on March 6 in connection with a separate investigation involving Reliance Power Limited (R-Power) under the provisions of the Foreign Exchange Management Act (FEMA).

Properties worth Rs 581.65 crore attached

According to the agency, the attached properties worth Rs 581.65 crore belong to RHFL and RCFL.

The ED said it had earlier attached properties worth more than Rs 15,729 crore in bank fraud cases linked to RCFL, RHFL and Reliance Communications Limited (RCOM). With the latest action, the total value of assets attached in cases related to the Reliance Anil Ambani Group has reached Rs 16,310 crore.

Assets frozen during searches

During the search operations conducted under the Prevention of Money Laundering Act (PMLA) and FEMA, assets worth Rs 2.48 crore in the form of fixed deposits, mutual funds and cash were frozen or seized, the agency said.

In a related action, the ED said it has seized balances in 13 bank accounts of Reliance Infrastructure Limited amounting to Rs 77.86 crore under Section 37A of FEMA.

Funds allegedly diverted through shell entities

According to the financial probe agency, RHFL and RCFL had raised public funds from several banks and financial institutions, of which more than Rs 11,000 crore later turned into non-performing assets (NPAs).

The probe has found that these funds were allegedly diverted to various Reliance Group companies, including Reliance Infrastructure Limited, Reliance Power Limited, Reliance Communications Limited and Reliance Capital Limited.

The ED alleged that the funds were routed through a large number of shell or dummy entities controlled and managed by the Reliance Anil Ambani Group.

“These shell or dummy entities had negligible financial strength and no genuine business operations. The investigation has revealed mala fide intent on the part of the group promoters and key persons,” the agency said.

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Agency identifies alleged modus operandi

The ED said it had identified the alleged modus operandi used by the entities to siphon off public funds and that the properties attached through the provisional attachment order dated March 11 represent the value of the “proceeds of crime”.

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