Mumbai, February 26: The Enforcement Directorate (ED) has temporarily attached the residential property ‘Abode’ of industrialist Anil Ambani, located in Mumbai’s Pali Hill. This action is part of an investigation into bank fraud and money laundering linked to Reliance Communications Limited (RCom). The estimated value of the property is ₹3,716.83 crore, contributing to a total of over ₹15,700 crore in assets seized from the group so far.
The ED’s Special Task Force executed this action under the Prevention of Money Laundering Act (PMLA), 2002. Previously, a portion of this property had already been attached up to ₹473.17 crore.
According to a press release from the ED, the investigation was initiated based on an FIR filed by the Central Bureau of Investigation (CBI). This FIR includes charges under various sections of the Indian Penal Code (IPC), including 120-B (criminal conspiracy), 406 (criminal breach of trust), and 420 (cheating), as well as relevant sections of the Prevention of Corruption Act, 1989. Anil Ambani, RCom, and others have been named as accused in this case.
The investigation revealed that RCom and its group companies had taken substantial loans from domestic and foreign banks and financial institutions. Currently, ₹40,185 crore remains outstanding, with many accounts classified as non-performing assets (NPAs). The inquiry also uncovered that the Pali Hill property had been transferred to a private family trust linked to Anil Ambani’s family. The agency believes this corporate restructuring was intended to obscure Ambani’s direct connection to the property.
The ED suspects that this arrangement aimed to consolidate assets, protect wealth, and shield them from personal liabilities incurred by Anil Ambani as personal guarantees for bank loans extended to RCom. The agency asserts that the actual use and benefit of the property were for the Ambani family, while public sector banks struggled to recover their stuck loans.
The Enforcement Directorate has reiterated its commitment to safeguarding the country’s financial system and public funds. It will continue to identify and attach properties linked to money laundering. Further investigations are ongoing.
My name is Bhupendra Singh Chundawat. I am an experienced content writer with several years of expertise in the field. Currently, I contribute to Daily Kiran, creating engaging and informative content across a variety of categories including technology, health, travel, education, and automobiles. My goal is to deliver accurate, insightful, and captivating information through my words to help readers stay informed and empowered.
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