New Delhi, April 28: The Enforcement Directorate (ED) has temporarily seized assets worth ₹3,034.90 crore linked to Reliance Communications Limited in a significant bank fraud and money laundering case. This action brings the total amount seized in cases associated with the Reliance Anil Ambani Group (RAAG) to over ₹19,344 crore.
The seizure was conducted under Section 5 of the Prevention of Money Laundering Act (PMLA), 2002, aimed at preventing the destruction or transfer of assets and safeguarding the interests of banks and the public.
The investigation is being carried out by a Special Investigation Team (SIT) formed under the directives of the Supreme Court. The SIT is probing cases related to the RAAG group, which involve allegations of misuse of the banking system and public funds, alongside money laundering. The ED’s actions were initiated based on several FIRs filed by the Central Bureau of Investigation (CBI) in response to complaints from institutions like the State Bank of India, Punjab National Bank, Bank of Baroda, and Life Insurance Corporation of India. These complaints allege serious financial irregularities against the company, Anil D. Ambani, and others.
The investigation has revealed that Reliance Communications and its subsidiaries borrowed substantial amounts from domestic and foreign lenders, with approximately ₹40,185 crore still outstanding. During the ED’s inquiry, several significant assets linked to the promoter group were identified, including an apartment in the Usha Kiran Building in Mumbai, a farmhouse in Khandala, Pune, and a piece of land in the Sanand area of Ahmedabad. Additionally, 7.71 crore shares of Reliance Infrastructure Limited, previously held by Raigji Infinity Private Limited, were also seized. This company is part of the Raigji Trust, which is a private trust of the Anil Ambani family.
According to the investigating agency, the Raigji Trust was established to protect assets and create resources. Allegations suggest that assets were preserved through this trust to keep them separate from Anil Ambani’s personal liabilities, which were tied to personal guarantees he provided for loans taken by Reliance Communications. The ED asserts that these assets were primarily used for the family’s benefit, while the public banks whose loans turned into NPAs received no benefits from them.
The ED clarified that assets seized under Section 8 of the PMLA will eventually be returned to the legitimate claimants who suffered losses due to this fraud, including the concerned banks. The agency stated that such actions help maintain the value of the assets, ensuring that public funds can be returned to banks and ultimately to the general public once the legal processes are complete. The ED reiterated its commitment to identifying and seizing assets linked to money laundering to safeguard the country’s financial system.
Arpit Soni has had a passion for journalism since the beginning. Now he has turned this hobby into his profession. Arpit, who is a resident of Udaipur, enjoys editing and writing news related to journalism. He has worked as a Senior Content Producer in several important roles at Bhaskar, Patrika, Pratahkal, Punjab Kesari, and Times. Arpit completed his schooling in Udaipur and Jaipur. He has been working in the media industry for more than 10 years, and his journey is still continuing. ✍️📚
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