ED attaches fresh properties worth Rs 1,021 crore in Reliance Anil Ambani Group probe

The Enforcement Directorate ED on Saturday said it has attached fresh properties worth Rs 1021 crore in connection with its investigation into Reliance Home Finance Limited RHFL and Reliance Commercial Finance Limited RCFLWith the latest action the total value of assets attached in cases related to the Reliance Anil Ambani Group has reached Rs 20367 crore under the provisions of the Prevention of Money Laundering Act PMLA according to the agencyThe investigation was initiated on the basis of multiple FIRs registered by the Central Bureau of Investigation CBI following complaints lodged by several public and private sector banksED alleges diversion of over Rs 15500 croreAccording to the ED its investigation has so far found that public funds amounting to Rs 15548 crore raised by RHFL and RCFL were allegedly diverted through a network of shell companies and group entitiesThe agency alleged that these entities were controlled and managed by the Reliance Anil Ambani GroupThe ED said the investigation is being carried out under the provisions of both the Prevention of Money Laundering Act PMLA and the Foreign Exchange Management Act FEMAShares and loan receivables among attached assetsAccording to the ED the latest attachment includes equity shares of Reliance Power Limited held by Reliance Infrastructure LimitedThe agency has also attached certain loan amounts receivable from Sasan Power Limited and Reliance Power LimitedOfficials said these assets form part of the ongoing investigation into the alleged financial irregularities involving RHFL and RCFLThe ED has registered four Enforcement Case Information Reports ECIRs under the PMLA and three cases under the provisions of FEMA in connection with the investigationEight arrested over 80 locations searchedThe ED said it has searched more than 80 premises during the course of the investigationThe agency also stated that properties worth Rs 7786 crore have been attached separately under the provisions of FEMAAccording to the ED eight senior officers and close associates linked to the Reliance Anil Ambani Group have been arrested under the PMLA and are currently in judicial custodyThe agency has constituted a Special Investigation Team SIT to expedite the investigation into the casesRecent searches yielded incriminating documents says EDEarlier this week the ED carried out search operations at the premises of EComplex Private Limited and the residence of one of its directorsAccording to the agency the searches led to the detection and seizure of documents and records relating to suspicious financial transactions and assets allegedly beneficially owned or controlled by the Reliance Anil Ambani GroupThe ED said investigators also recovered documents related to immovable properties and other materials that it described as evidence in the ongoing bank fraud investigationThe investigation is continuing and the ED said further action will be taken based on the evidence collected during the probeWith inputs from IANS