ED attaches Rs 3,034 crore assets in fresh action against Reliance Anil Ambani Group

Anil Ambani. File Pic

The Enforcement Directorate (ED) has taken another major step in its investigation into alleged financial irregularities involving the Reliance Anil Ambani Group.

According to sources, assets worth Rs 3,034 crore have been provisionally attached as part of an ongoing money laundering probe.

An official familiar with the matter said, "The attached properties are linked to companies under the Reliance Anil Ambani Group."

Assets belong to RCOM and R-Infra

The properties attached in this latest action belong to Reliance Communications and Reliance Infrastructure.

These include a mix of real estate and financial holdings such as:

-A flat in Mumbai
-A farmhouse in Khandala
-A hill station property in Maharashtra
-Land parcels in Sanand (Ahmedabad)
-7.71 crore shares of Reliance Infrastructure

These assets are believed to be connected to the ongoing investigation into alleged financial misconduct, reported PTI.

Action under PMLA

The Central agency issued a provisional attachment order under the Prevention of Money Laundering Act (PMLA) to seize these assets.

This law allows authorities to attach properties suspected to be involved in money laundering while the investigation is underway.

Total attachments cross Rs 19,000 crore

With this latest move, the total value of properties attached in cases related to the Reliance Anil Ambani Group has reached Rs 19,344 crore.

Sources said the group is being investigated on charges of bank fraud and diversion of funds.

Another source noted, "The investigation is focused on alleged diversion of funds and financial irregularities involving group companies."

Background

The case is linked to actions taken by banks against Anil Ambani and Reliance Communications to declare their loan accounts as fraud.

Ambani had moved the Supreme Court of India, challenging a February 23 order passed by a division bench of the Bombay High Court.

On April 6, the Supreme Court directed the central investigative agencies to carry out a time-bound, fair, and transparent investigation into alleged financial irregularities involving the Reliance Anil Ambani Group. This direction came while the court was hearing a public interest litigation filed by EAS Sarma on March 23.

The fresh attachment highlights the ongoing scrutiny faced by companies linked to the Reliance Anil Ambani Group. As the investigation continues, authorities are expected to examine more financial transactions and assets connected to the case.

(With PTI Inputs)