In a sweeping enforcement action, the Directorate of Enforcement (ED) has provisionally attached assets worth ₹1,120 crore belonging to various companies of the Reliance Anil Ambani Group, taking the cumulative attachment to a staggering ₹10,117 crore in multiple bank fraud and money laundering investigations.
The new attachment—made under the Prevention of Money Laundering Act (PMLA)—covers 18 properties, fixed deposits, bank balances, and unquoted investments linked to Reliance Infrastructure Ltd., Reliance Power Ltd., Reliance Value Services Pvt. Ltd., Reliance Venture Asset Management Pvt. Ltd., Phi Management Solutions Pvt. Ltd., Adhar Property Consultancy Pvt. Ltd., and Gamesa Investment Management Pvt. Ltd.
A Major Crackdown in the Yes Bank–Reliance Finance Fraud Case
The latest action is connected to the Reliance Home Finance Ltd. (RHFL) and Reliance Commercial Finance Ltd. (RCFL) cases, in which ED has been investigating large-scale diversion of public funds.
According to the agency, Yes Bank had invested:
- ₹2,965 crore in RHFL instruments, and
- ₹2,045 crore in RCFL instruments
between 2017–2019.
By 2019, these investments turned non-performing, leaving Yes Bank with outstanding dues of:
- ₹1,353.50 crore (RHFL)
- ₹1,984 crore (RCFL)
ED’s probe revealed that RHFL and RCFL had received over ₹11,000 crore in public money which was then diverted through complex routes.
The Mutual Fund–Yes Bank–Reliance Route
A key finding is the alleged round-tripping of public money:
- As per SEBI rules, Reliance Nippon Mutual Fund could not invest directly in Anil Ambani-controlled finance companies.
- Instead, funds from the mutual fund schemes were routed to Yes Bank, which then invested in RHFL and RCFL.
- ED calls this a “circuitous route” designed to bypass conflict-of-interest regulations.
Fraudulent Diversions Across Group Companies
The agency states that various Anil Ambani group companies—including Reliance Communications Ltd. (RCOM), Reliance Home Finance Ltd., Reliance Commercial Finance Ltd., Reliance Infrastructure Ltd., and Reliance Power Ltd.—were involved in fraudulent diversion of bank loans.
In the larger RCOM case:
- Loans between 2010 and 2012 amassed to ₹40,185 crore outstanding
- 9 banks have declared these loan accounts as fraud
ED claims to have uncovered:
- ₹13,600 crore used for evergreening of loans
- ₹12,600 crore diverted to connected parties
- ₹1,800 crore invested in FDs and mutual funds, later liquidated and routed back
- Misuse of bill discounting
- Funds siphoned abroad through foreign remittances
What ED Has Attached Now
The fresh attachments worth ₹1,120 crore include:
Major Mumbai Properties
- Reliance Centre, Ballard Estate
- Commercial building (Reliance Infrastructure Ltd.), MIDC, Andheri East
- Residential properties at Santacruz
- A guest house also at Santacruz
Assets in Chennai & Panvel
- 231 residential plots in Chennai (Reliance Value Services Pvt. Ltd.)
- 7 residential flats in Chennai and Panvel
Financial Assets
- Fixed deposits and bank balances of:
- Reliance Value Services Pvt. Ltd.
- Reliance Venture Asset Management Pvt. Ltd.
- Phi Management Solutions Pvt. Ltd.
- Adhar Property Consultancy Pvt. Ltd.
- Gamesa Investment Management Pvt. Ltd.
ED: “Committed to Restituting Public Money”
The agency said it remains focused on pursuing large-scale financial offenders and ensuring recovery of “proceeds of crime”.
ED stated that further investigation is underway across all linked entities and individuals, including Anil Ambani, RCOM, RHFL, RCFL, and other group companies.
