The Enforcement Directorate (ED) has attached fresh assets worth approximately ₹510 crore belonging to the Reliance Anil Ambani Group as part of its ongoing investigation into alleged bank fraud and money laundering involving several group companies. The latest action includes two chartered aircraft, land parcels, windmills, bank deposits and other financial assets.
The provisional attachment order was issued under the Prevention of Money Laundering Act (PMLA). According to the agency, the action relates to two separate investigations involving Reliance Communications Ltd (RCOM) and Reliance Home Finance Ltd (RHFL) along with Reliance Commercial Finance Ltd (RCFL).
The fresh attachment covers assets worth ₹247.12 crore in the Reliance Communications case and ₹263.05 crore in the Reliance Home Finance and Reliance Commercial Finance case. Together, the two amounts add up to ₹510.17 crore.
With this latest action, the total value of assets attached or seized across investigations involving the Anil Ambani-led group has reached approximately ₹23,100 crore, according to the ED. This figure represents the cumulative value of assets covered by several actions in different cases and not just the latest attachment.
Two aircraft among attached properties
The attachment in the Reliance Communications case includes two chartered aircraft, six land parcels and an office property in Maharashtra. The aircraft are a Dassault Falcon 2000 and an Embraer business jet.
In the separate case involving Reliance Home Finance and Reliance Commercial Finance, the agency has attached two windmills in Tamil Nadu. Bank balances, fixed deposits, investments and receivables have also been included in the provisional attachment.
The latest action is part of a wider investigation into alleged financial irregularities involving companies associated with the Reliance Anil Ambani Group. The ED has been examining transactions involving several group entities, including Reliance Communications, Reliance Home Finance, Reliance Commercial Finance, Reliance Infrastructure, Reliance Power and Reliance Capital.
What is the ED investigating?
The money laundering investigation was initiated on the basis of multiple first information reports (FIRs) registered by the Central Bureau of Investigation (CBI) and the Economic Offences Wings (EOW) of the Delhi and Mumbai police.
The agency has also taken up separate investigations under the Foreign Exchange Management Act (FEMA), which deals with foreign exchange transactions and related violations.
According to the ED, its investigation has indicated that public funds raised from banks and financial institutions were allegedly diverted through different companies within the group. The agency has also alleged that funds were routed through shell entities and that some of the money was transferred to offshore tax havens.
In its findings, the ED has alleged that the group misused provisions of the Insolvency and Bankruptcy Code (IBC) to ring-fence corporate assets for personal use. It has further claimed that a substantial portion of the allegedly diverted funds was used for the individual benefit of the promoters and their family members.
These are allegations made by the investigating agency and remain subject to the legal process.
In an earlier detailed account of its investigation, the ED said that Reliance Home Finance and Reliance Commercial Finance had raised funds from several banks and financial institutions. It alleged that more than ₹11,000 crore of these funds had turned into non-performing assets (NPAs). The agency also claimed that money was diverted to other group companies through entities that allegedly had limited financial strength and no significant business operations.
Arrests and legal proceedings
The ED has so far arrested 10 individuals in connection with the cases and filed six prosecution complaints under the PMLA. It has also filed a separate complaint under FEMA.
The latest attachment adds to the agency’s efforts to identify and secure assets that it believes are linked to the alleged proceeds of crime. Under the PMLA, a provisional attachment can be issued when the agency has reason to believe that property is connected to money laundering and may be concealed, transferred or dealt with in a way that could frustrate legal proceedings. Such an attachment is subject to the prescribed confirmation process and further legal scrutiny.
The attachment of assets does not, by itself, establish the guilt of the individuals or companies under investigation. The allegations will have to be examined through the relevant legal proceedings.
The latest action also highlights the scale of the financial investigations involving the Anil Ambani Group. The ED’s cumulative attachment and seizure figure of around ₹23,100 crore reflects actions taken across multiple cases under the PMLA and FEMA.
The agency’s investigation is continuing, with its focus on tracing the movement of funds, examining transactions between group companies and identifying assets allegedly connected to the cases. The latest attachment of aircraft, land, windmills and financial holdings marks another significant development in the ongoing probe.