ED attaches ₹582 crore of Reliance Home Finance
The Enforcement Directorate has provisionally attached thirty-one immovable properties worth approximately Rs 582 crores in connection with its probe into alleged money laundering involving companies under the control of former chairman, Reliance Group's home finance and commercial financing arms were among those implicated as part of a broader investigation that began on March 10.
Key Points
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1The Enforcement Directorate (ED) has provisionally attached fresh assets worth approximately Rs. 581-582 crore linked to Anil Ambani's Reliance Home Finance Limited and Reliance Commercial Finance Limited.
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2These attachments involve the provisional order of attachment on March 10, involving land parcels across multiple states including Goa, Kerala, Karnataka, Punjab, Tamil Nadu, Uttar Pradesh, Haryana, Jharkhand. The cumulative value attached to Anil Ambani's group has now reached Rs. 582 crore.
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3The assets are part of an investigation into alleged money laundering and loan diversion connected with the Reliance Group companies.
Developments
The Enforcement Directorate attached land assets worth over ₹582 crores associated with Anil Ambani's entities following searches on Reliance Power, bringing the total attachment against him to more than ₹1630 crore across 14 states. Additionally, authorities seized funds from bank accounts and filed an FIR alleging that companies under his control diverted a Rs 50-crore loan for unauthorized purposes without repayment.
The Directorate of Enforcement has provisionally attached thirty-one immovable property parcels valued at approximately ₹581.65 crores across twelve Indian states as part of an investigation into Reliance Home Finance Limited (RHFL) under the Foreign Exchange Management Act, following search operations conducted on March 6 in a case involving its parent company's power business rather than earlier bank fraud allegations where properties worth over ₹15,729 crore were previously attached.
The Enforcement Directorate provisionally attached properties worth ₹58.2 billion and seized additional cash from 13 bank accounts in connection with alleged money laundering by RHFL and RCFL involving the diversion of over $60 million into non-performing assets for other Reliance Group entities, bringing total frozen or annexed asset value across related cases to approximately ₹479 crore (the text states a cumulative figure including prior attachments).
The Enforcement Directorate has attached fresh assets worth ₹581 crore from Reliance Home Finance Limited (RHFL) and RCCL as a provisional order under PMLA, following search operations linked to an earlier FEMA probe against the group's power sector unit. The investigation alleges that promoters diverted over ₹10 trillion of public funds raised by RHFL and RCPL through shell entities into other companies with mala fide intent, leading these banks' loans becoming non-performing assets (NPAs).
The Enforcement Directorate has temporarily seized properties belonging to Reliance Home Finance and Commercial Finance valued at ₹581.65 crores as part of a money laundering investigation linked to bank fraud, bringing its total provisional attachment against these entities to approximately ₹17 billion (cumulative). Simultaneously, the agency froze assets worth over 20 crore rupees across Reliance Power Limited and seized funds from accounts held by R-Infra under FEMA provisions.