According to the ED, RCom and its group companies allegedly availed loans from domestic and foreign lenders, with a total outstanding of Rs 40,185 crore
The probe was initiated following the CBI FIR against RCom, Anil Ambani, and others. File Pic
The Enforcement Directorate (ED) has attached a Pali Hill residential property 'Abode' in Mumbai of industrialist Anil Ambani, valued at Rs 3,716.83 crore in connection with the RCom money laundering case, officials said, reported the ANI.
The luxurious house, which is 66-metre high with 17 floors, is located in the western suburbs of Mumbai.
A provisional order was issued under the Prevention of Money Laundering Act (PMLA) to attach the multi-storeyed house in the case linked to an alleged bank fraud by his group company Reliance Communications (RCOM), sources told the PTI.
The action is part of the ongoing money laundering probe linked to the alleged bank fraud case of Reliance Communications Ltd (RCom), the agency said on Wednesday.
Previously, a part of this property had been attached to the extent of Rs 473.17 crore. With the fresh attachment, the cumulative value of properties seized in the group now exceeds Rs 15,700 crore.
The property was attached by the ED’s Special Task Force (Headquarters) under the Prevention of Money Laundering Act, 2002 (PMLA).
The investigation was initiated following the Central Bureau of Investigation’s (CBI) FIR against RCom, Anil Ambani, and others.
The FIR cited violations of sections 120-B, 406, and 420 of the Indian Penal Code, 1860 and section 13(2) read with Section 13(1)(d) of the Prevention of Corruption Act, 1989.
Loans and alleged misuse
According to the ED, RCom and its group companies allegedly availed loans from domestic and foreign lenders, with a total outstanding of Rs 40,185 crore.
The investigation revealed that the Pali Hill property was aggregated into the RiseE Trust, a private family trust of Anil Ambani’s family. The ED alleged that this was done to create the appearance that Anil Ambani was not directly involved in the property holdings.
Alleged corporate restructuring
The ED stated that the corporate restructuring was intended to preserve wealth and consolidate resources within the RiseE Trust, shield the property from the personal liabilities of Anil Ambani, who had provided personal guarantees to banks against RCom loans and ensure that the property remained beneficially used and owned by the Ambani family rather than addressing non-performing assets (NPA) of public sector banks.
(with PTI and ANI inputs)
Subscribe today by clicking the link and stay updated with the latest news!" Click here!
