'Luxury Flats In Mumbai To Khandala Farmhouse': ED Attaches ₹3,034 Cr Assets Linked To Anil Ambani In RCOM Bank Fraud Case; Total Seizures Cross ₹19,000 Cr

Mumbai: The Enforcement Directorate (ED) provisionally attached assets worth Rs 3,034.90 crore in connection with the bank fraud case involving Reliance Communications Ltd., the Central agencies said Tuesday.

The attached assets include a flat in the Usha Kiran Building in Cumballa Hill in South Mumbai, a farmhouse in Khandala near Pune, and a land parcel in Sanand, Ahmedabad, officials said. The agency has also attached 7.71 crore shares of Reliance Infrastructure Ltd. held by promoter group entity Risee Infinity Pvt Ltd, officials said.

With this, the latest attachment total value of assets attached in cases linked to the Reliance Anil Ambani Group (RAAG) has crossed Rs 19,344 crore, the ED said.

The action was carried out under the Prevention of Money Laundering Act (PMLA), 2002, to prevent the dissipation of assets and safeguard the interests of public sector banks and investors. The investigation forms part of a broader probe being conducted by a Special Investigation Team (SIT), constituted on the directions of the Supreme Court, into allegations of diversion and laundering of public funds.

According to officials, the probe was initiated based on multiple FIRs registered by the Central Bureau of Investigation following complaints from major financial institutions, including State Bank of India, Punjab National Bank, Bank of Baroda, and Life Insurance Corporation of India. These complaints named RCOM, its promoter Anil Dhirubhai Ambani and others.

According to the ED probe, RCOM and its group companies had availed loans from both domestic and international lenders, with outstanding dues amounting to Rs 40,185 crore.

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Officials stated that these assets were linked to entities operating under the RiseE Trust, a private family trust allegedly created to consolidate wealth and shield assets from liabilities arising out of personal guarantees extended to banks. The ED alleges that such structuring was intended to prevent lenders from accessing these assets despite mounting non-performing loans.

Under Section 8 of the PMLA, the attached properties may eventually be confiscated and restored to legitimate claimants, including banks that suffered financial losses. Authorities assured that this step is crucial to ensure recovery of public money through due legal process. The investigation remains ongoing, with agencies continuing to trace additional assets and examine financial transactions linked to the case.

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