New Delhi: The Enforcement Directorate (ED) has provisionally attached assets worth ₹3,034.90 crore in connection with the Reliance Communications Ltd (RCOM) bank fraud case, taking the total attachment in cases linked to the Reliance Anil Ambani Group (RAAG) to over ₹19,344 crore.
The action has been taken under Section 5 of the Prevention of Money Laundering Act (PMLA), 2002, based on ongoing investigations into alleged diversion and laundering of public and bank funds. The probe is being carried out by a Special Investigation Team (SIT) constituted on the directions of the Supreme Court.
According to ED, the case stems from multiple CBI FIRs filed on complaints by major financial institutions including State Bank of India, Punjab National Bank, Bank of Baroda, and Life Insurance Corporation of India against Reliance Communications, Anil D. Ambani, and others.
Investigations revealed that RCOM and its group entities had availed loans from domestic and foreign lenders, with outstanding dues amounting to ₹40,185 crore.
The attached assets include high-value properties linked to the promoter group such as a flat in Usha Kiran Building in Mumbai, a farmhouse in Khandala near Pune, and land in Sanand, Ahmedabad. Additionally, 7.71 crore shares of Reliance Infrastructure Ltd held through Risee Infinity Pvt Ltd under the Risee Trust structure have also been attached.
ED stated that the Risee Trust was allegedly created to shield assets from liabilities arising out of personal guarantees extended to lenders. These properties were intended for the benefit of the Ambani family rather than repayment of dues to public sector banks, many of which have turned non-performing assets (NPAs).
The agency emphasized that the attachment is aimed at preventing dissipation of assets and ensuring recovery of public money. Under Section 8 of PMLA, confiscated assets can eventually be restored to legitimate claimants, including affected banks, after due legal process.
Further investigation in the matter is ongoing.
