In a major crackdown on the Anil Ambani–led Reliance Communications group, the Enforcement Directorate (ED) has provisionally attached over 132 acres of land within Dhirubhai Ambani Knowledge City (DAKC), Navi Mumbai — a landmark property once symbolizing the telecom boom of the 2000s. The attached land is valued at ₹4,462.81 crore, bringing the total attachment in the group’s bank fraud cases to over ₹7,545 crore.
The Property at the Centre: DAKC, Navi Mumbai
Spread across 132 acres, DAKC was envisioned as a futuristic corporate campus for Reliance Communications, named after the late Dhirubhai Ambani. Located strategically near Kopar Khairane in Navi Mumbai, the campus once housed thousands of employees and cutting-edge telecom infrastructure.
Now, this vast real estate asset — once seen as the crown jewel of Anil Ambani’s Reliance Group — stands at the heart of one of India’s largest bank fraud probes.
The Case: From Loans to Alleged Diversion
According to the ED, the attachment follows an ongoing investigation into loans worth ₹40,185 crore, taken by Reliance Communications Ltd. (RCOM) and its group entities between 2010 and 2012.
Five banks have already declared these accounts as “fraud.”
Investigators allege that funds borrowed from one lender were misused to repay loans of other group firms, transferred to related parties, or parked in mutual funds and fixed deposits — in violation of lending terms.
The ED claims to have uncovered:
- Over ₹13,600 crore diverted for evergreening loans (repaying old debts with new ones)
- Around ₹12,600 crore routed to connected entities
- Approximately ₹1,800 crore invested in fixed deposits and mutual funds that were later liquidated and rerouted within the group
The probe also found instances of funds being siphoned abroad through foreign outward remittances, and misuse of bill discounting facilities to funnel money to related parties.
What the Attachment Means
The ED’s attachment under the Prevention of Money Laundering Act (PMLA), 2002, effectively bars sale or transfer of the DAKC land pending further legal proceedings. It is part of the agency’s ongoing efforts to recover assets classified as “proceeds of crime” in the RCom bank fraud case.
Earlier, the ED had attached 42 properties worth ₹3,083 crore linked to Reliance Communications, Reliance Commercial Finance Ltd., and Reliance Home Finance Ltd.
With this latest move, the cumulative attachment value has crossed ₹7,545 crore.
The Bigger Picture
Once home to India’s telecom ambitions, DAKC now reflects the collapse of a business empire and the tightening grip of financial enforcement. The ED’s statement emphasizes its commitment to “restituting proceeds of crime to their rightful claimants.”
Further investigation is underway, and proceedings before the adjudicating authority under PMLA will determine the next steps for the attached properties.
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