New Delhi, Nov 6 – The Enforcement Directorate (ED) is tightening its investigation into the Reliance ADAG Group, and it has once again ordered Chairman Anil Ambani to appear in court. Ambani will be questioned on November 14 as part of the money‑laundering probe that already led the ED to seize over 132 acres of land in the Dhirubhai Ambani Knowledge City in Navi Mumbai.
The ED’s latest move follows earlier actions that saw the agency attach 42 properties worth more than Rs 3,083 crore in bank‑fraud cases involving Reliance Communications Ltd. (RCOM), Reliance Commercial Finance Ltd. and Reliance Home Finance Ltd. Together, the assets seized in the RCOM chain and the new land attachment now total over Rs 7,545 crore.
“We are actively pursuing financial crime and will recover the proceeds for the rightful owners,” the ED said. Its investigation began after the CBI filed an FIR under sections 120‑B, 406, 420 of the Indian Penal Code and the Prevention of Corruption Act against RCOM, Anil Ambani and others.
Key findings include:
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Loan misuse – RCOM and its subsidiaries borrowed a cumulative Rs 40,185 crore between 2010‑2012. Instead of using the money for legitimate business expenses, they recycled it to pay off other loans, transferred it to related parties, and bought mutual funds and fixed deposits, all against the lender’s terms.
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Evergreening and diversion – Over Rs 13,600 crore was diverted to keep loan accounts from defaulting, more than Rs 12,600 crore was routed to affiliated entities, and about Rs 1,800 crore went into liquid assets that were later moved to group companies.
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Bill discounting fraud – The ED also uncovered large‑scale misuse of bill discounting to funnel money to connected businesses.
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International siphoning – A number of loans were also written off abroad through foreign outward remittances.
The ED says it is still working on the allegations. For now, the massive asset attachments and the upcoming interview with Anil Ambani mark significant steps in cracking down on the alleged financial misconduct linked to the Reliance ADAG Group.
Source: ianslive
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