Mumbai, April 28: The Enforcement Directorate (ED) has provisionally attached assets worth Rs 3,034.90 crore in connection with an alleged bank loan fraud case involving Reliance Communications Ltd. (RCom) and entities linked to industrialist Anil Dhirubhai Ambani, the central agency said on Tuesday.
Assets attached in Mumbai, Pune and Ahmedabad
The attached assets include a flat in the Usha Kiran Building in Malabar Hill in south Mumbai, a farmhouse in Khandala near Pune, and a land parcel in Sanand, Ahmedabad.
The agency has also attached Rs 7.71 crore shares of Reliance Infrastructure Ltd. held by promoter group entity Risee Infinity Pvt Ltd.
With this, the total value of assets attached in cases linked to the Reliance Anil Ambani Group (RAAG) has crossed Rs 19,344 crore, the ED said.
Flat in Usha Kiran Building on M.L. Dhanukar Road, Mumbai, Maharashtra registered in the name of Mr. Anil D. Ambani |
Khandala Farmhouse held in the name of Luna Trust and Mr. Jai Anshul Ambani. |
Action under PMLA
The action has been carried out under the Prevention of Money Laundering Act (PMLA), 2002, with the agency stating that the move is aimed at preventing dissipation of assets and safeguarding the interests of banks and the public.
According to the ED, its investigation under the Prevention of Money Laundering Act (PMLA) stems from FIRs registered by the Central Bureau of Investigation (CBI) alleging diversion and misuse of loans sanctioned by a consortium of public sector banks. The agency is probing the end use of funds and the role of various entities linked to the group.
Land Parcels in Sanand, Ahmedabad, held in the name of Mudra Foundation for Communications Research and Education (MICA). |
Shareholding of Reliance Infrastructure Ltd. by Promoter and Promoter Group (M/s Risee Infinity Pvt. Ltd.), as disclosed for the quarter ending March 2026 on BSE website | https://www.bseindia.com/corporates/shppromoterngroup?scripcd=500390&qtrid=129.00&QtrName=Mar-26
Loans worth Rs 40,185 crore outstanding
The investigation stems from multiple FIRs registered by the Central Bureau of Investigation (CBI) on complaints filed by lenders, including State Bank of India, Punjab National Bank, Bank of Baroda and Life Insurance Corporation of India, against RCOM, Anil Dhirubhai Ambani and others. According to the agency, RCOM and its group companies had availed loans from domestic and foreign lenders, of which Rs 40,185 crore remains outstanding.
Allegations over asset structure
The ED alleged that certain high-value assets of the promoter group were held through a network of entities linked to a private family trust, RiseE Trust, which was purportedly created to consolidate and preserve family wealth. The structure, the agency claimed, was designed to ring-fence these assets from liabilities arising out of personal guarantees extended to lender banks for loans taken by RCOM.
ED investigation further alleged that the arrangement ensured that the beneficial ownership and use of these properties remained with the Ambani family, even as the loan accounts of RCOM turned non-performing, thereby limiting the ability of public sector lenders to recover dues.
RAAG denies wrongdoing
Responding to the ED’s action, the RAAG said the attached properties were legacy assets and denied any wrongdoing. “The Usha Kiran property is a legacy family asset acquired 41 years ago, while the Khandala property was also acquired over four decades ago,” the statement said.
It added that the Sanand land parcel is linked to MICA, an AICTE-recognised charitable educational institution operating independently since 1991, and that the shareholding of Risee Infinity Pvt Ltd in Reliance Infrastructure Ltd has been publicly disclosed on stock exchanges since 2021.
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“A provisional attachment is not a finding of guilt. The affected parties will respond on the record before the Adjudicating Authority within the time prescribed by law,” the statement said.
Investigation continues
Under Section 8 of the PMLA, the attached properties may be confiscated and restored to legitimate claimants, including banks that suffered financial losses, following due legal process. The investigation remains ongoing.
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