Anil Ambani fraud case: ED attaches assets worth over ₹1,000cr
What's the story
The Enforcement Directorate (ED) has attached assets worth ₹1,021 crore in a money laundering case against the Reliance Anil Ambani Group. The action was taken under the Prevention of Money Laundering Act (PMLA), and includes equity shares of Reliance Power held by Reliance Infrastructure, and certain loan amounts receivable from Sasan Power and Reliance Power. The investigation is based on a CBI FIR against Reliance Home Finance Limited (RHFL) and Reliance Commercial Finance Limited (RCFL).
Fund diversion
Public funds 'systematically diverted' through dummy companies: ED
The ED's probe has revealed that public funds worth ₹15,548 crore raised by RHFL and RCFL were "systematically diverted" through a network of "shell" (dummy) and group companies controlled by the Reliance Anil Ambani Group. The agency is investigating multiple cases against the group in connection with four FIRs registered under anti-money laundering law, and three under provisions of the Foreign Exchange Management Act (FEMA).
Asset attachment
₹20,367cr worth properties attached in case
With this latest order, the total value of properties attached in this case has reached ₹20,367 crore. The ED has filed four chargesheets and arrested eight senior officers/close associates of the group so far. Additionally, assets worth ₹77.86 crore have been attached under FEMA provisions. The ED probe into money laundering allegations is based on multiple FIRs registered by the Central Bureau of Investigation (CBI), following complaints from several public and private sector banks.