New Delhi/Mumbai, Dec 5 (LatestNewsX) – The Enforcement Directorate (ED) said on Friday that it had provisionally seized property and assets linked to the Anil Ambani‑led Reliance Group, bringing the total attached to Rs 10,117 crore to date.
In its latest undertaking, the regulator attached over 18 assets – including real‑estate, fixed deposits, bank balances and shares in unlisted holdings – from the group, amounting to Rs 1,120 crore in the case involving Reliance Home Finance Limited, Reliance Commercial Finance Limited and the Yes Bank fraud.
The seized properties comprise seven holdings of Reliance Infrastructure Limited, two of Reliance Power Limited and nine of Reliance Value Service Private Limited. The ED also froze fixed deposits held by Reliance Value Service Private Limited, Reliance Venture Asset Management Private Limited, Phi Management Solutions Private Limited, Adhar Property Consultancy Pvt Ltd, Gamesa Investment Management Private Limited, and other unlisted investments made by the venture and Phi Management.
In a statement, Reliance Infrastructure Limited clarified that Rs 8,078 crore of the value cited refers to assets of Reliance Communications Limited, a company that has been outside the Reliance Group since 2019. The firm added, “Reliance Communications has been undergoing the Corporate Insolvency Resolution Process (CIRP) and is currently managed entirely by the Resolution Professional, under the supervision of the Hon’ble NCLT and its Committee of Creditors (CoC), led by the State Bank of India (SBI), along with a consortium of banks and lenders,” the company said.
Reliance Infrastructure Limited “continues to operate normally, remaining fully committed to growth, operational excellence, and the creation of sustainable value for all stakeholders, including its community of over 7 lakh shareholders”.
Similarly, Reliance Power said it is running its operations as usual and remains focused on delivering sustainable value to all stakeholders, including its 43 lakh shareholders. “The Company, based on legal advice, will take all appropriate action to protect the interests of its shareholders,” it added.
Earlier, the ED had attached assets worth more than Rs 8,997 crore in the bank‑fraud cases involving Reliance Communications Ltd. (RCOM), Reliance Commercial Finance Ltd., and Reliance Home Finance Ltd.
“Therefore, Cumulative Group Attachment reached Rs 10,117 crore. The ED has detected fraudulent diversion of public money by various Reliance Anil Ambani group companies, including Reliance Communications Ltd, Reliance Home Finance Ltd (RHFL), Reliance Commercial Finance Ltd (RCFL), Reliance Infrastructure Ltd (RIL) & Reliance Power Ltd (RHFL),” the financial probe agency said.
According to the ED, between 2017 and 2019 Yes Bank invested Rs 2,965 crore in RHFL instruments and Rs 2,045 crore in RCFL instruments. By December 2019, these had turned into non‑performing assets. The outstanding amounts were Rs 1,353.50 crore for RHFL and Rs 1,984 crore for RCFL. The investigation revealed that RHFL and RCFL received more than Rs 11,000 crore of public funds.
The ED has also opened a probe based on an FIR lodged by the CBI under several sections of the Indian Penal Code, 1860 and the Prevention of Corruption Act, 1989, against RCOM, Anil Ambani and others.
In particular, the ED stated that RCOM and its group companies diverted over Rs 13,600 crore to evergreen loans; more than Rs 12,600 crore was transferred to connected entities and over Rs 1,800 crore was invested in FDs/MFs, which were later largely liquidated to funnel money back to group entities.
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