ED Attaches ₹1,120 Crore of Reliance Anil Ambani Group; Total Attachments Reach ₹10,117 Crore.

Headnote:

The Enforcement Directorate (ED) has provisionally attached properties worth ₹1,120 crore belonging to various companies of the Reliance Anil Ambani Group in connection with the Reliance Home Finance Ltd (RHFL) / Reliance Commercial Finance Ltd (RCFL) / Yes Bank fraud case.

With this action, the cumulative attachment against the Group under the PMLA has reached ₹10,117 crore.

ED’s investigation reveals large-scale diversion of public funds, misuse of bank loans, routing of mutual fund money through circuitous channels, and improper financial layering by multiple group companies including RCOM, RHFL, RCFL, Reliance Infrastructure, and Reliance Power.

Background:

• ED has attached 18+ properties, fixed deposits, bank balances and unquoted investments related to multiple Reliance ADA Group companies.

• This includes attachments pertaining to the alleged fraud involving Yes Bank, RHFL and RCFL.

• Earlier attachments worth ₹8,997 crore had been made against RCOM, RHFL and RCFL in related bank-fraud cases.

• The total value of attached assets now stands at ₹10,117 crore.

ED’s Findings

• Yes Bank’s exposure (2017–2019):

– ₹2,965 crore invested in RHFL instruments.

– ₹2,045 crore invested in RCFL instruments.

– These later became NPAs.

• Investigation shows RHFL and RCFL received over ₹11,000 crore of public funds, indirectly routed through Yes Bank, after Reliance Nippon Mutual Fund diverted scheme funds via a circuitous route (direct investment was barred under SEBI’s conflict-of-interest rules).

• ED detected massive diversion of funds by Reliance group entities for:

– Evergreening of loans (₹13,600 crore)

– Transfer to connected parties (₹12,600 crore)

– Investment in FDs/MFs subsequently liquidated and rerouted (₹1,800+ crore)

– Misuse of bill discounting

– Outward foreign remittances for siphoning money abroad

• Loans taken by one group company were systematically used to repay loans of other entities, violating loan conditions.

• Nine banks have declared several group loan accounts fraudulent.

• ED is also acting on a CBI FIR against RCOM, Anil Ambani, and others under IPC and Prevention of Corruption Act.

What Has Been AttachedReliance Infrastructure Ltd

• Commercial office building at Reliance Centre, Ballard Estate, Mumbai

• Commercial office property at Chakala Industrial Area (MIDC), Andheri East

• Residential properties, Santacruz, Mumbai

• Guest House at Santacruz, Mumbai

Reliance Value Services Pvt Ltd

• 231 residential plots – Chennai

• 7 residential flats – Panvel

Reliance Power Ltd

• 2 immovable properties (details as per ED)

Other Companies’ Attached Assets

• Fixed Deposits / Bank Balances / Unquoted Investments held by:

– Reliance Value Service Pvt Ltd

– Reliance Venture Asset Management Pvt Ltd

– Phi Management Solutions Pvt Ltd

– Adhar Property Consultancy Pvt Ltd

– Gamesa Investment Management Pvt Ltd.

Legal Basis

• Prevention of Money Laundering Act, 2002 (PMLA)

• Based on FIRs registered by:

– CBI (IPC + Prevention of Corruption Act) against RCOM and others

– Earlier financial fraud investigations relating to RHFL, RCFL and Yes Bank.

Current Status

• ED continues to pursue financial crime investigations involving the group.

• The attached assets remain under provisional attachment pending adjudication.

• Further investigation is ongoing.