ED seizes assets worth ₹1,021 crore in the Reliance Anil Ambani Group case

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Reliance Anil Ambani Group assets attached

Highlights

ED has attached assets worth ₹1,021 crore related to the Reliance Anil Ambani Group in the latest action.
Public funds of ₹15,548 crore were allegedly transferred through shell companies by RHFL and RCFL.
In total, assets worth ₹20,367 crore under PMLA and ₹77.86 crore under FEMA have now been seized from the Reliance Group.

This article was translated from the original. Read the original version by our correspondent here.

Scope of Investigation and Latest Attachment

According to information provided by the Enforcement Directorate, this case pertains to M/s Reliance Home Finance Limited (RHFL) and M/s Reliance Commercial Finance Limited (RCFL), which are being investigated under the provisions of PMLA, 2002. The agency states that the investigation began based on several FIRs registered by the CBI, following complaints from various public and private sector banks.

The investigation has so far revealed that public funds amounting to ₹15,548 crore raised by RHFL and RCFL were allegedly systematically diverted through a web of shell companies and group entities. According to the ED, these entities are controlled and managed by the Reliance Anil Ambani Group.

Total Action and Regulatory Impact

The agency is investigating several cases against the Reliance Anil Ambani Group under PMLA and FEMA. So far, 4 ECIRs have been registered under PMLA and 3 cases under FEMA, while more than 80 premises have been searched during the investigation.

According to the ED, after the latest attachment of ₹1,021 crore, the total value of attached assets under PMLA in group-related cases has reached ₹20,367 crore. Additionally, assets worth ₹77.86 crore have also been attached under FEMA.

The agency has already filed 4 prosecution complaints in separate PMLA cases and 1 complaint under FEMA. According to the ED, 8 senior officials or close associates of the group have been arrested under PMLA so far and all are in judicial custody.

In compliance with the Supreme Court's order, the ED has constituted a Special Investigation Team. The agency states that this SIT is expediting the investigation of these cases.

Our previous report covered the legal developments in the alleged bank fraud and money laundering case involving JVL Agro Industries Ltd., where the PMLA Special Court in Lucknow took cognizance of the ED's prosecution complaint. That article mentioned key actions such as diversion of capital through shell companies under ED's allegations, alleged losses of about ₹1,992 crore to banks, and provisional attachment of assets worth ₹878.67 crore under PMLA.

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