The Enforcement Directorate (ED) announced on Tuesday that it has attached assets worth Rs 510 crore belonging to entities within Anil Ambani's Reliance Group. The move is part of the agency's ongoing money laundering investigation, which has now seen total attachments reach Rs 23,000 crore. The latest enforcement action targets properties and financial holdings related to multiple companies within the group.
According to the federal agency, the attached assets include two aircraft—an Embraer Legacy 650 and a Dassault Falcon 2000—as well as land, two windmills located in Tamil Nadu, various bank balances, fixed deposits, and specific investments or receivables. These seizures are linked to two primary bank fraud cases: one involving Reliance Home Finance Ltd and Reliance Commercial Finance Ltd, which accounts for Rs 263 crore of the total, and another concerning Reliance Communication Ltd, amounting to Rs 247 crore.
The money laundering probe was initiated following the registration of First Information Reports (FIRs) by the Central Bureau of Investigation (CBI) and the Economic Offences Wings of the Delhi and Mumbai Police. Beyond the Prevention of Money Laundering Act (PMLA) proceedings, the ED is also investigating two separate cases under the Foreign Exchange Management Act (FEMA).
In its official statement, the ED alleged that its investigation revealed that Reliance Group companies were involved in the siphoning off of public funds from financial institutions and banks. The agency further claimed that the group misused provisions under the Insolvency and Bankruptcy Code (IBC) to shield corporate assets for personal use. Additionally, the investigation pointed toward the diversion of public funds from India to offshore tax havens.
The ED stated that a significant portion of the alleged proceeds of crime was utilized for the personal benefit of the promoters and their families. To date, the agency has arrested 10 people in connection with these cases and has filed six prosecution complaints under the PMLA. When reached for comment, a spokesperson for Anil Ambani declined to provide a statement regarding the development.
The current investigation remains active, with the ED continuing to scrutinize the financial operations of the group entities. The attachment of these assets represents a significant phase in the government's crackdown on alleged corporate financial misconduct. As the legal proceedings progress, the agency is expected to continue its efforts to recover funds it identifies as having been diverted through illegal channels.
The case continues to draw attention due to the scale of the alleged irregularities and the involvement of major corporate entities. With six prosecution complaints already filed and 10 individuals currently in custody, the legal ramifications of the investigation are likely to unfold further as the courts process the evidence presented by the federal agency in the coming months.
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