A Division Bench comprising Chief Justice Shree Chandrashekhar and Justice Gautam A. Ankhad allowed appeals filed by Bank of Baroda, IDBI Bank, Indian Overseas Bank, and forensic auditor BDO India LLP. The bench described the single-judge order as “perverse,” “illegal,” and based on flawed assumptions, including retrospective application of the RBI’s 2024 Master Directions on fraud risk management.

The dispute stems from a forensic audit report dated October 15, 2020, prepared by BDO India LLP on Reliance Communications Ltd (RCOM) and its group entities. The report alleged diversion of loan funds amounting to over ₹31,580 crore, including payments to related parties and misuse of funds. Banks had relied on this to issue show-cause notices and classify accounts as fraud under the RBI’s earlier 2016 Master Directions.

In December 2025, a single-judge bench had granted interim relief to Ambani, staying all actions by the banks on grounds that the report was invalid—citing lack of qualification by the signatory (not a registered Chartered Accountant), absence of UDIN, and non-compliance with the 2024 directions’ Footnote-14 requiring audits by qualified professionals under relevant statutes.

The Division Bench overturned this, ruling that:

• The 2024 RBI Master Directions operate prospectively and do not invalidate actions taken under the 2016 guidelines.
• The 2016 directions permitted banks to engage external auditors or forensic experts (no mandatory requirement for a practicing ICAI-registered CA).
• Ambani’s challenge was delayed; he had access to the report since 2020–2021 but raised key objections only later.
• No prima facie case, balance of convenience, or irreparable injury warranted the stay, which could undermine the banking system’s fraud detection framework.

The court lifted the stay, allowing the banks to continue show-cause proceedings, fraud declarations, and related actions. The suits filed by Ambani challenging the report and notices remain pending but without interim protection.

This ruling comes amid parallel probes by the Enforcement Directorate (ED) into alleged money laundering linked to the same Reliance Group entities (RCOM, Reliance Home Finance Ltd, Reliance Commercial Finance Ltd, and others). The ED has attached assets worth over ₹12,000 crore cumulatively since late 2025, including fresh attachments of ₹1,885 crore in January 2026. Earlier tranches (November 2025 onwards) included high-profile properties such as Ambani’s family residence in Mumbai’s Pali Hill, the Reliance Centre in Delhi, and multiple residential/commercial holdings across cities like Mumbai, Delhi, Noida, Pune, Hyderabad, and Chennai. These attachments, under the Prevention of Money Laundering Act (PMLA), stem from allegations of fraudulent diversion of public funds and are separate from the RBI-led fraud classification process.

Ambani and his group companies have consistently denied wrongdoing. The ED actions aim to preserve assets pending further investigation, while the banks’ proceedings could lead to broader restrictions on credit access and reputational consequences.

The Bombay High Court emphasized that public interest in protecting banking funds outweighs interim restraint in such cases.

Also Read: ED Attaches ₹1,885 Crore Assets of Anil Ambani Group, Total Seizures Cross ₹12,000 Crore in Bank Fraud Cases

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According to the ED, the latest attachments pertain to ongoing investigations in the Reliance Home Finance Limited (RHFL), Reliance Commercial Finance Limited (RCFL) and Yes Bank fraud cases, as well as the Reliance Communications Limited (RCOM) bank fraud case.

The attached assets include bank balances, receivables, unquoted investments, shareholdings, and immovable properties. A major portion of the attachment comprises shareholding of Reliance Infrastructure Limited in key infrastructure and utility entities such as BSES Yamuna Power Limited, BSES Rajdhani Power Limited and Mumbai Metro One Private Limited—assets that are strategically significant in the power distribution and urban transport sectors.

Additionally, bank balances amounting to ₹148 crore and receivables worth ₹143 crore have been provisionally attached in the hands of M/s Value Corp Finance and Securities Limited. The ED has also attached one residential immovable property registered in the name of Angarai Sethuraman and movable assets, including shares and mutual funds, held in the name of the wife of Puneet Garg. Both individuals are senior employees associated with the Reliance Group.

With this action, the cumulative value of assets attached by the ED in connection with bank fraud cases involving RCOM, RHFL and RCFL has now crossed ₹12,000 crore. Earlier, the agency had provisionally attached properties worth over ₹10,117 crore in these cases.

The ED’s investigation has revealed large-scale fraudulent diversion and laundering of public funds by multiple companies of the Anil Ambani Group, including Reliance Communications Ltd, Reliance Home Finance Ltd, Reliance Commercial Finance Ltd, Reliance Infrastructure Ltd and Reliance Power Ltd.

A key aspect of the probe relates to investments made by Yes Bank between 2017 and 2019. During this period, Yes Bank invested ₹2,965 crore in instruments of RHFL and ₹2,045 crore in RCFL. By December 2019, these investments turned non-performing, with outstanding amounts of ₹1,353.5 crore in RHFL and ₹1,984 crore in RCFL.

The ED has alleged that prior to these investments, Yes Bank had received substantial funds from Reliance Nippon Mutual Fund. Due to SEBI’s conflict-of-interest regulations, the mutual fund was barred from directly investing in Anil Ambani Group finance companies. Investigators claim that public money was therefore routed indirectly through Yes Bank’s exposures, eventually reaching group entities via a circuitous structure.

Separately, the ED has initiated investigation based on FIRs registered by the Central Bureau of Investigation (CBI) under various sections of the Indian Penal Code and the Prevention of Corruption Act. These cases relate to loans availed by RCOM and its group companies from domestic and foreign lenders during 2010–2012, with outstanding dues of ₹40,185 crore. As many as nine banks have classified the group’s loan accounts as fraud.

The investigation has uncovered that loans raised by one entity were used to repay obligations of other group entities, transferred to related parties, or invested in financial instruments in violation of loan sanction terms. The ED has alleged diversion of over ₹13,600 crore for loan evergreening, more than ₹12,600 crore transferred to connected parties, and over ₹1,800 crore invested in fixed deposits and mutual funds that were later liquidated and rerouted. Misuse of bill discounting mechanisms and foreign outward remittances to siphon funds overseas has also been detected.

The ED stated that it remains committed to pursuing financial अपराध perpetrators and ensuring restitution of proceeds of crime to rightful claimants. Further investigation in the matter is currently underway.

Also Read: ED Tightens Noose on Anil Ambani Group: Assets Worth ₹1,120 Crore Attached, Total Seizures Cross ₹10,117 Crore

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The attached assets include immovable properties valued at ₹49.79 crore—comprising a villa, a hotel and resort, office spaces, and multiple land parcels in Gurugram (Haryana), Himachal Pradesh, and Maharashtra. Movable assets worth ₹1.78 crore consist of seized cash and bank balances in accounts linked to Yadav, OSBPL, and related entities.

The ED’s probe, initiated based on multiple FIRs registered by the Economic Offences Wing of Delhi Police and Haryana Police, alleges offences of cheating, criminal breach of trust, forgery, and criminal conspiracy. The complaints stem from OSBPL’s affordable housing projects, where substantial funds were collected from homebuyers with promises of timely delivery.

Investigation revealed that despite receiving funds, projects remained incomplete, possessions were not handed over, and units were arbitrarily cancelled and re-allotted. Homebuyers faced prolonged uncertainty and financial losses while entrusted funds were diverted for unrelated purposes.

ED findings establish that Swaraj Singh Yadav, the key promoter and decision-maker, orchestrated the scheme. Project-specific escrow funds were routed through free accounts and related entities, bypassing statutory safeguards. Units were resold multiple times at inflated prices, parking spaces monetised beyond limits, and forged documents used to justify illegal cancellations.

The diverted proceeds were layered and used for personal expenses, property acquisitions, and other ventures, amounting to a systematic abuse of trust.

The agency stated that further investigation is underway.

This case highlights growing scrutiny on real estate developers amid rising complaints of fund diversion and project delays affecting thousands of homebuyers.

Also Read: PMAY Homebuyers Cheated: ED Arrests OSBPL Head for Fraud, Fund Diversion and Cash-Based Resale Racket

The post ED Attaches ₹51.57 Crore Assets in Ocean Seven Buildtech Homebuyers Fraud Case appeared first on Square Feat India.

The attachment, announced in a press release dated January 7, targets entities linked to Jaypee promoters in a case involving misappropriation of funds collected from homebuyers for the delayed Jaypee Wishtown and Jaypee Greens projects in Noida.

The ED’s Delhi Zonal Office initiated the probe based on multiple FIRs filed by the Economic Offences Wing (EOW) of Delhi and Uttar Pradesh Police. These complaints, lodged by affected homebuyers, accuse Jaypee Infratech Ltd (JIL), Jayprakash Associates Ltd (JAL), and their promoters—including Manoj Gaur—of criminal conspiracy, cheating, and breach of trust.

Investigation findings reveal that JAL and JIL collected around ₹14,599 crore from over 25,000 homebuyers (as per claims admitted by the NCLT). However, substantial portions were allegedly diverted for non-construction purposes and siphoned off to related entities, including Jaypee Sewa Sansthan (JSS), Jaypee Healthcare Ltd (JHL), and Jaypee Sports International Ltd (JSIL).

Manoj Gaur, the Managing Trustee of JSS, is accused of playing a central role in orchestrating the diversions through a complex web of transactions. Assets were also allegedly transferred to Page 3 Buildtech Private Limited, controlled by Honey Katiyal.

The probe intensified with ED searches on May 23, 2025, at 15 locations in Delhi, Noida, Ghaziabad, and Mumbai, yielding incriminating financial records and documents. Manoj Gaur was arrested on November 13, 2025, under Section 19 of the Prevention of Money Laundering Act (PMLA) and remains in judicial custody.

Thousands of homebuyers have been left stranded with incomplete projects for years, highlighting broader issues in the real estate sector.

The ED stated that further investigation is underway. This action comes amid prolonged insolvency proceedings against Jaypee Infratech, which was acquired by Suraksha Group in 2021 to resolve the crisis affecting homebuyers.

Also Read: Share of Real Estate in Recoveries Under IBC Rises to 18.8%

The post ED Attaches ₹400 Crore Assets in Jaypee Group Money Laundering Probe Over Homebuyers’ Fraud appeared first on Square Feat India.

The attachment was carried out on December 17, 2025, under the provisions of the Prevention of Money Laundering Act (PMLA), 2002, by the ED’s Gurugram Zonal Office.

Funds Diverted Instead of Project Completion

According to the ED, the attached assets include properties belonging not only to Ramprastha Group, but also to Vatika Group, Unitech Group and other entities, to whom the homebuyers’ funds were allegedly diverted. The money, instead of being utilised for construction and delivery of homes, was siphoned off under the guise of loans, advances and land transactions.

The investigation was initiated based on multiple FIRs registered by the Economic Offences Wing (EOW), New Delhi and Haryana Police, which alleged large-scale cheating and fraud of flat buyers and plot buyers.

Projects Launched, Possession Delayed by Over a Decade

ED investigation revealed that RPDPL had launched several residential projects between 2008 and 2011, including:

• Project Edge
• Project Skyz
• Project Rise
• Ramprastha City (plotted colony)

These projects are located in Sectors 37D, 92, 93 and 95 of Gurugram. While possession was promised within 3 to 4 years, buyers are still waiting even after 10 to 14 years, the agency said.

₹1,100 Crore Collected from Homebuyers

The ED stated that RPDPL collected approximately ₹1,100 crore from more than 2,600 homebuyers, but the funds were systematically diverted to group and non-group companies rather than being used for project execution.

Directors Arrested, Total Attachments Cross ₹866 Crore

Earlier in the case, the ED arrested Arvind Walia and Sandeep Yadav, Directors and majority shareholders of RPDPL, on July 21, 2025. Both are currently in judicial custody.

The agency has also conducted extensive search and seizure operations, leading to two earlier Provisional Attachment Orders covering bank balances, movable assets and immovable properties of RPDPL, its group companies and directors. Prior to the latest attachment, assets worth approximately ₹786 crore had already been attached or seized.

With the current attachment of ₹80.03 crore, the total value of assets attached/seized in the case now stands at approximately ₹866 crore, the ED said.

The investigation is ongoing.

Also Read: ED Attaches Assets Worth ₹307 Crore Linked to Illegal Betting App ‘Fairplay’

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The restitution follows an order dated December 12, 2025, passed by the Recovery Officer, Debts Recovery Tribunal-I (DRT), Chennai, which directed the release of funds realised from the sale of shares that were earlier attached and later restituted to State Bank of India (SBI) by the ED. The amount will now be transferred to the Official Liquidator for distribution among former Kingfisher Airlines employees.

ED Investigation and Asset Attachment

The ED initiated its investigation based on multiple FIRs registered by the Central Bureau of Investigation (CBI) against Kingfisher Airlines, its promoter Vijay Mallya, and associated entities for offences including bank fraud and criminal conspiracy, which are scheduled offences under the PMLA.

The probe revealed large-scale diversion and siphoning of loan funds, leading to the attachment of several movable and immovable properties belonging to Kingfisher Airlines, Vijay Mallya, United Breweries Holdings Ltd., and related entities. Vijay Mallya was subsequently declared a Fugitive Economic Offender on January 5, 2019, under the Fugitive Economic Offenders Act, 2018.

₹14,132 Crore Assets Already Restituted to SBI

According to the ED, assets worth ₹14,132 crore have already been restituted to SBI under Section 8(8) of the PMLA, forming the asset pool from which the present restitution to employees has been made possible.

In a rare move, SBI agreed to accord priority to workmen dues over its own secured creditor claims. Acting upon ED’s facilitation, SBI filed Interlocutory Application No. 01 of 2025 before the DRT, offering the restituted assets for settlement of employee dues. This led to the DRT directing the Official Liquidator to disburse ₹311.67 crore to former employees of Kingfisher Airlines.

Focus on Victim-Centric Recovery

The ED stated that it proactively coordinated with all stakeholders, including senior officials of SBI, to ensure that the long-pending claims of employees were settled. The restitution, the agency said, underscores its commitment not only to depriving economic offenders of proceeds of crime, but also to restoring such proceeds to rightful stakeholders, especially affected workers.

For thousands of former Kingfisher Airlines employees who had been awaiting salary and statutory dues for over a decade, the development marks a long-overdue financial and moral victory.

Also Read: Kingfisher House in Mumbai Sold for Rs 52.25 Crore

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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.

Also Read: ED Tightens Noose on Anil Ambani Group: Assets Worth ₹1,120 Crore Attached, Total Seizures Cross ₹10,117 Crore

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With this latest transfer, immovable and movable assets collectively valued at approximately ₹310 crore located in Mumbai, Kolkata and Surat have now been handed over to the liquidator of M/s Gitanjali Gems Ltd.

Background: ₹6,097 Crore Banking Fraud

According to the ED investigation under the Prevention of Money Laundering Act (PMLA), Mehul Choksi, along with associates and certain officials of Punjab National Bank (PNB), fraudulently obtained Letters of Undertaking (LoUs) and Foreign Letters of Credit between 2014 and 2017, causing a wrongful loss of ₹6,097.63 crore to PNB.
Choksi also defaulted on additional loans taken from ICICI Bank.

The money laundering probe led to the seizure of valuables and jewellery worth ₹597.75 crore linked to the Gitanjali Group, and the attachment of immovable and movable properties worth ₹1,968.15 crore, including properties in India and abroad, luxury vehicles, bank accounts, shares and factories.

In total, the ED has seized and attached assets worth ₹2,565.90 crore, and has so far filed three prosecution complaints in the case.

ED–Banks Joint Action to Recover Public Funds

To accelerate financial recovery for affected banks, the ED and banks adopted a joint strategy and moved the Special PMLA Court, Mumbai through a Consent Application.
The court permitted the ED to assist banks and liquidators in conducting valuation and auction of attached assets. The court further directed that sale proceeds must be deposited as Fixed Deposits in PNB and ICICI Bank.

The ED stated that other remaining assets will continue to be handed over to liquidators and banks as per court orders.

Significant Progress in Monetisation

This development reinforces the agency’s ongoing efforts to ensure restitution for victims of one of India’s biggest banking frauds. The monetisation of these Borivali properties marks another step forward in asset recovery from fugitives like Mehul Choksi and Nirav Modi, who fled India after the scam came to light.

Also Read: Nirav Modi’s Assets Put On Auction By ED.

The post ED Hands Over Mehul Choksi’s Borivali Homes to Liquidator for Monetisation; Move to Benefit Victim Banks appeared first on Square Feat India.

The attachment was carried out on 17 November 2025 by ED’s Bhopal Zonal Office under the Prevention of Money Laundering Act (PMLA), 2002.

Gifted to Daughter to Hide Ill-Gotten Money

According to the ED, the luxurious Dubai apartments and commercial units — located in Centurion Residence (Dubai Investment Park), Dubai Silicon Oasis, Liwa Heights, Business Bay, and World Trade Centre Residences — were originally acquired by Bhasi using proceeds of crime generated through AOPL and its group entities.

To hide the origin and ownership of these assets, Bhasi gifted the Dubai properties to his daughter in 2022–2023, without any monetary consideration.

The agency says this gifting pattern was a deliberate strategy to distance the assets from the main accused while retaining control through family channels — a typical layering technique in international money laundering cases.

The SBI Fraud: How ₹1,266 Crore Vanished

AOPL, under the strategic control of Bhasi, executed illegal merchanting trade transactions, circular trading, fabrication of documents, and diversion of bank funds, ED stated.

A key part of the fraud involves 12 Foreign Letters of Credit (FLCs) worth USD 200 million (approx. ₹1,266.63 crore) issued by SBI’s Shahpura Branch between April and May 2018.

These FLCs devolved on the bank after AOPL failed to meet required margins and defaulted at the time of LC rollovers.
As a result, SBI was forced to make payments to overseas suppliers, triggering massive losses for the public-sector bank.

Layering Through a Global Network

ED investigators uncovered a complex web of domestic and foreign entities used to layer illicit funds before they were routed into high-value assets abroad.

The nine Dubai properties form only a segment of the suspected illegal wealth trail. More attachments and arrests may follow as the investigation deepens.

Further Investigation Underway

ED has confirmed that the probe is still in progress, with more leads emerging regarding fund diversion, global money movement, and additional assets held by the accused and their associates.

Also Read: ED arrests OSBPL MD Swaraj Singh Yadav for cheating PMAY homebuyers through fake cancellations

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Katyal was produced before the Special PMLA Court in Gurugram, which granted six days of ED custody for custodial interrogation.

The Case: 10+ Years of Delayed Homes, Fraudulent Bookings, and ₹300 Crore ‘Proceeds of Crime’

ED initiated the probe based on multiple FIRs filed by the Gurugram Police and Delhi Police Economic Offences Wing (EOW). The case revolves around Krrish Florence Estate, a proposed residential project at Sector 70, Gurugram, spread across 14 acres. The project has been stuck for more than a decade.

Key findings of ED investigation:

1. Fraudulent Licensing & Early Collection of Money

• Katyal allegedly procured the construction license fraudulently from another developer.
• He began collecting money from homebuyers even before obtaining approval from DTCP Haryana.
• The total Proceeds of Crime (POC) from the activity exceed ₹300 crore.

2. Project Stalled for 10 Years

• Only three towers were partially constructed.
• The project never moved forward, forcing homebuyers to initiate insolvency proceedings.

3. Fraud in Government Housing Project

ED found fraudulent allotments made to third parties in a housing project meant for Central Government employees, indicating systematic diversion of flats and funds.

4. Undervalued Land Sale During Insolvency

Katyal allegedly sold 2 acres of the licensed land — valued at ₹130 crore — to outsiders at undervalued rates, violating the Insolvency and Bankruptcy Code (IBC).

5. Diversion of Public Sector Bank Loans

A PSU bank reportedly suffered a loss of ₹80 crore due to loans being routed through fraudulent transactions, ED found.

Multiple Cases, Same Modus Operandi

Katyal is also named in FIRs linked to other stalled projects including:

• Krrish World (Sector 63, Gurugram)
• Province Estate
• Other group projects reportedly following the same pattern — early collection, diversion of funds, no delivery.

Political Link: Why Katyal’s Arrest Matters

According to several national media reports, Amit Katyal has long been considered a close associate of RJD supremo Lalu Prasad Yadav and has figured in investigations involving land-for-job and land deals linked to political circles.
While the ED press release does not mention political connections, the arrest has significant political overtones, given past allegations around real-estate dealings involving political aides and land aggregation networks.

Impact on Homebuyers and the Real Estate Market

This arrest signals a tougher enforcement stance on:

• Fake bookings
• Pre-approval fund collections
• Diversion of construction funds
• Misuse of IBC to sell undervalued land

For Gurugram and NCR homebuyers — who face hundreds of stalled projects — the action is expected to push other state agencies and developers to expedite long-delayed projects.

Further Investigation Underway

ED has stated that searches, fund-tracing, and property attachment actions may follow as the investigation proceeds.

Also Read: PMAY Homebuyers Cheated: ED Arrests OSBPL Head for Fraud, Fund Diversion and Cash-Based Resale Racket

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