Major Financial Probe Intensifies Against Anil Ambani Group
The Enforcement Directorate (ED) has taken decisive action against industrialist Anil Ambani by attaching properties worth over Rs 1,452 crore in connection with an ongoing money laundering investigation. The probe centers around alleged loan fraud involving his group companies.
This latest development significantly escalates the financial implications for the Ambani group, bringing the total value of attached properties to nearly Rs 9,000 crore in this comprehensive investigation.
Geographical Spread of Attached Properties
The recently attached assets are spread across multiple key Indian cities, demonstrating the widespread nature of the investigation. Properties located in Navi Mumbai, Chennai, Pune, and Bhubaneswar have been secured under the Prevention of Money Laundering Act (PMLA) provisions.
This action follows similar measures taken earlier this month when the central agency attached properties worth approximately Rs 3,084 crore linked to the industrialist. Those assets included prominent locations such as a house in Mumbai, the Reliance Centre property in Delhi, and various other properties across Delhi, Noida, Ghaziabad, Mumbai, Pune, Thane, Hyderabad, Chennai, Kancheepuram, and East Godavari.
The Core Allegations and Financial Details
At the heart of the investigation lies the alleged diversion and laundering of public funds through Reliance Home Finance Limited (RHFL) and Reliance Commercial Finance Ltd (RCFL). According to official statements, the financial irregularities occurred during a specific timeframe.
"During 2017–2019, Yes Bank invested Rs 2,965 crore in RHFL instruments and Rs 2,045 crore in RCFL instruments," a spokesperson had revealed earlier. "These turned into non-performing investments by December 2019, with Rs 1,353.50 crore then outstanding for RHFL and Rs 1,984 crore for RCFL."
The agency executed these attachments, which include office premises, residential units, and land parcels, following orders issued on October 31 under Section 5(1) of the Prevention of Money Laundering Act (PMLA).
Legal Developments and Supreme Court Involvement
Adding to the legal challenges facing the group, the Supreme Court recently issued a notice on a plea seeking a court-monitored probe into alleged bank fraud by Anil Ambani-promoted Reliance Communications Ltd and other associated companies.
The ED's consistent actions against the group properties indicate the seriousness with which authorities are treating the allegations of financial misconduct. As the investigation continues to unfold, stakeholders await responses from the concerned parties.
A query has been sent to Anil Ambani's spokesperson, and a reply is currently awaited. The developments mark a significant chapter in corporate governance and financial regulation enforcement in India.
