New Delhi: The Enforcement Directorate (ED) has launched a major crackdown against Reliance Group Chairman Anil Ambani, seizing assets worth around Rs 3,000 crore in connection with an alleged money-laundering case. The seized properties include Ambani’s bungalow, flats, plots, and office spaces across multiple cities. So far, the Reliance Group has not issued any official statement regarding the ED’s action.
Massive Asset Seizure Across Cities
According to reports, the ED’s action is linked to a case involving alleged misuse of bank funds. The agency has seized assets belonging to Reliance Infrastructure Ltd and Reliance Communications, including properties in Mumbai, Delhi, Noida, Hyderabad, Pune, and Goa.
Sources also suggest that the ED is conducting searches at Anil Ambani’s Mumbai residence as part of the ongoing investigation.
Linked to Rs 17,000-Crore Financial Irregularities
The ED’s probe stems from alleged money laundering and bank fraud involving over Rs 17,000 crore. Earlier, the Reliance Group had denied any wrongdoing, calling the allegations “baseless and speculative.” However, the agency continues to investigate suspected financial irregularities and fund diversions.
The ED has already filed a chargesheet related to fraudulent transactions between Reliance Group companies, Yes Bank, and firms associated with former Yes Bank CEO Rana Kapoor’s family.
Yes Bank Loans Under Scrutiny
Between 2017 and 2019, Yes Bank reportedly sanctioned loans of Rs 2,965 crore to Reliance Home Finance Ltd (RHFL) and Rs 2,045 crore to Reliance Commercial Finance Ltd (RCFL). Both accounts were later declared non-performing assets (NPAs) in 2019.
At the time, the outstanding dues stood at Rs 1,353.5 crore for RHFL and Rs 1,984 crore for RCFL. Investigations revealed that the loans were issued without adequate due diligence, and in some cases, before approval was formally granted. Following these findings, the agency intensified its probe into the matter.
Ongoing Questioning and Wider Investigations
In August, Anil Ambani was questioned by the ED in connection with the case. The Central Bureau of Investigation (CBI) is also conducting a parallel investigation into his companies’ financial dealings. The case has widened significantly, focusing on the flow of funds between banks, corporate entities, and intermediary firms.
