Anil Ambani's Assets Seized: What You Need to Know About the ED's Investigation

ED Takes Action Against Anil Ambani

New Delhi: The Enforcement Directorate (ED) has frozen assets exceeding Rs 3,000 crore associated with Anil Ambani, the chairman of Reliance Group, as part of an ongoing money laundering investigation involving his companies, according to official sources on Monday.

The federal agency has issued four provisional orders under the Prevention of Money Laundering Act (PMLA) to seize properties, which include Ambani's residence in Pali Hill, Mumbai, along with various other residential and commercial properties owned by his group.

Additionally, a plot belonging to Reliance Centre on Maharaja Ranjit Singh Marg in Delhi, as well as several assets located in Noida, Ghaziabad, Mumbai, Pune, Thane, Hyderabad, Chennai, and East Godavari, have also been attached.

Sources indicate that the total value of the seized assets amounts to Rs 3,084 crore.

This case revolves around the alleged misappropriation and laundering of public funds raised by Reliance Home Finance Ltd. (RHFL) and Reliance Commercial Finance Ltd. (RCFL).

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 investments had turned into 'non-performing' assets, with outstanding amounts of Rs 1,353.50 crore for RHFL and Rs 1,984 crore for RCFL, as reported by the ED.

The actions taken against Ambani are linked to alleged financial misconduct and a collective loan 'diversion' exceeding Rs 17,000 crore involving multiple group companies, including Reliance Infrastructure.

In August, the businessman was interrogated by the ED regarding this matter.

This investigation followed the agency's searches of 35 locations related to 50 companies and 25 individuals, including executives from his business group, conducted on July 24.

The ED's money laundering case is based on a FIR filed by the Central Bureau of Investigation.