ED freezes ₹3,000cr worth of assets linked to Anil Ambani
What's the story
The Enforcement Directorate (ED) has frozen over 40 properties linked to Anil Ambani's Reliance Group. The assets, valued at over ₹3,084 crore, include Ambani's Pali Hill residence and other real estate in major Indian cities. The ED's action is part of a larger investigation into the alleged diversion and laundering of public money raised by Reliance Home Finance Ltd (RHFL) and Reliance Commercial Finance Ltd (RCFL).
Fund diversion
Massive diversion of funds detected
The ED's probe found that huge sums of money were diverted and lent to entities linked with the Reliance Group. A large chunk of corporate loans, intended for general business purposes, was transferred to the accounts of Reliance Group companies. The agency noted serious lapses in control during these loan disbursements, with approvals being given unusually fast without proper financial checks.
Loan irregularities
Intentional control failures by Reliance Group
The ED also found that field inspections and personal meetings were skipped during loan disbursements. Documents were either left blank or altered, with some being undated. Many borrowing companies were financially weak or barely operational. The securities provided were either inadequate, unregistered, or missing altogether, and the funds' utilization did not match the stated purpose. These repeated lapses point to intentional control failures by the group.
CBI investigation
CBI probing nexus between Yes Bank and Reliance Group
Separately, the Central Bureau of Investigation (CBI) is probing the dealings between Yes Bank and Anil Ambani's Reliance Group. The investigation has revealed a complex web of fund diversions and misuse of commercial papers through several shell companies. These transactions were allegedly part of a criminal conspiracy between former Yes Bank CEO Rana Kapoor and industrialist Anil Ambani, resulting in huge losses for the private lender.
Probe intensification
ED probing RCOM's loan fraud case
The ED has intensified its investigation into the loan fraud case involving Reliance Communications Ltd (RCOM) and its related companies. The agency found that these firms diverted over ₹13,600 crore, using part of the money to keep loans appearing active. A major portion of this money was allegedly routed to connected parties while a smaller amount was invested in fixed deposits and mutual funds, which were later liquidated and sent back to group entities.