ED attaches Anil Ambani’s properties worth Rs 1,452 crore in bank loan fraud case

Anil Ambani. File pic

The Enforcement Directorate (ED) on Thursday attached multiple properties linked to industrialist Anil Ambani in connection with its money laundering probe into the alleged loan fraud against him and his group companies, news agency ANI reported, citing officers.

The properties, based in Navi Mumbai, Chennai, Pune, and Bhubaneswar, were attached under the Prevention of Money Laundering Act (PMLA), 2002.

According to officers, the cumulative attachment of the group's properties now stands around Rs 9,000 crore.

Earlier in November, the agency's special task force had attached over 132 acres in Dhirubhai Ambani Knowledge City (DAKC), Navi Mumbai, valuing Rs 4,462.81 crore under PMLA. The seizure was done in connection with the ongoing probe into the bank fraud cases involving Reliance Communications Ltd (RCOM), Reliance Commercial Finance Ltd, and Reliance Home Finance Ltd.

The money-laundering probe stems from a Central Bureau of Investigation (CBI) FIR registered under sections 120-B, 406, and 420 of the Indian Penal Code and sections 13(2) read with 13(1)(d) of the Prevention of Corruption Act, naming RCOM, Ambani, and others.

According to ED, RCOM and its group companies availed loans from both domestic and foreign lenders between 2010 and 2012, with total outstanding dues amounting to Rs 40,185 crore.

"Five banks have since declared the accounts of the group as fraudulent," ED said.

The investigation conducted in view of the alleged bank loan fraud further revealed that loans raised by one entity were used to repay borrowings of other group companies, routed to related parties, or invested in mutual funds - in violation of the loan terms, reported ANI.

Furthermore, the agency also alleged that over Rs 13,600 crore was diverted for evergreening of loans, Rs 12,600 crore was funnelled to connected parties, and around Rs 1,800 crore was invested in fixed deposits and mutual funds, which were later liquidated and rerouted to group entities.

ED also detected large-scale misuse of bill-discounting mechanisms and alleged syphoning of funds abroad through foreign remittances, ANI reported.

The probe agency further reiterated its commitment to pursuing financial crime cases and ensuring that the proceeds of crime are recovered and restituted to rightful claimants.

(With inputs from ANI)