ED Action in RCom Fraud Case: Properties Worth ₹1,452 Crore Provisionally Attached

Headnote:

The Enforcement Directorate (ED) has provisionally attached properties worth ₹1,452 crore under the Prevention of Money Laundering Act (PMLA) in connection with the RCom bank fraud case. The attached assets include several buildings within the Dhirubhai Ambani Knowledge City (DAKC) and Reliance Business Park in Navi Mumbai, as well as land and buildings in Pune, Chennai, and Bhubaneswar. The attachment forms part of an extensive investigation involving RCom, Anil Ambani, and associated companies accused of large-scale diversion of bank loans, misuse of funds, and financial irregularities. ED’s probe revealed that over ₹13,600 crore was diverted for maintaining loan accounts through “evergreening,” ₹12,600 crore was transferred to related parties, and over ₹1,800 crore was invested in FDs and mutual funds and later routed back into group entities. The total proceeds of crime identified so far amount to ₹8,997 crore.

Background:

• ED initiated investigation based on FIRs registered by the CBI against RCom, Anil Ambani, and others under various sections of the Indian Penal Code (IPC) and the Prevention of Corruption Act, 1988.

• Between 2010 and 2012, RCom and its group companies availed loans from domestic and foreign lenders amounting to ₹40,185 crore. Nine banks later declared several loan accounts of the group as fraudulent.

• ED had previously attached assets worth more than ₹7,545 crore in the RCom-linked bank fraud matters.

• The fresh investigation revealed that loans taken from one bank were misused to repay loans from other banks, transfer funds to related entities, and invest in mutual funds, all in violation of loan sanction terms.

ED’s Observations:

• RCom and its group companies diverted more than ₹13,600 crore to keep loan accounts “evergreen.”

• Over ₹12,600 crore was transferred to related parties, while investments exceeding ₹1,800 crore were made in FDs and mutual funds, later liquidated and routed back into group entities.

• ED also uncovered large-scale misuse of bill discounting facilities and misappropriation of certain loans through overseas remittances.

• The total proceeds of crime identified in the case amount to ₹8,997 crore.

• ED stated that it is actively pursuing offenders involved in financial crimes and is committed to recovering proceeds of crime for legitimate claimants.

Legal Provisions Discussed:

• Prevention of Money Laundering Act, 2002 (PMLA) – Provisional attachment of properties and identification of proceeds of crime.

• Indian Penal Code, 1860 – Offences of cheating, criminal breach of trust, forgery, etc.

• Prevention of Corruption Act, 1988 – Irregularities involving corruption and misuse of authority.

Authority: Directorate of Enforcement (ED), Special Task Force, Headquarters

Legal Provision Invoked: Prevention of Money Laundering Act, 2002 (PMLA)

Date: 20 November 2025

Case Related To: Reliance Communications (RCom) and related group entities

Total Value of Newly Attached Properties: ₹1,452.51 Crore

Total Alleged Fraud Linked to the Group: Approximately ₹9,000 Crore