India’s Enforcement Directorate (ED) has provisionally attached over ₹3,084 crore (~US $347 million) in properties, including the Pali Hill residence of the Reliance Anil Ambani Group chief, Anil Ambani, in Mumbai.
The orders issued under the Prevention of Money Laundering Act cover more than 40 assets spread across Delhi, Noida, Ghaziabad, Mumbai, Pune, Thane, Hyderabad, Chennai, and East Godavari. The portfolio includes residential units, office premises, and land parcels.
The action is part of an ongoing investigation into alleged siphoning of public funds involving Reliance Home Finance Ltd. and Reliance Commercial Finance Ltd. Yes Bank invested ₹2,965 crore (~US $334 million) in RHFL and ₹2,045 crore (~US $230 million) in RCFL instruments between 2017 and 2019; as of December 2019, all these exposures had become non-performing: ₹1,353.50 crore (~US $153 million) was due from RHFL, ₹1,984 crore (~US $224 million) from RCFL, reported Outlook India.
Investigators alleged that money was routed through entities connected to the group and used for things other than what the loans were meant for.
Representatives of Anil Ambani or the Reliance Group had not issued an immediate public statement on the ED’s action. The next steps will depend on the outcome of the PMLA lawsuit and other cases involving Yes Bank and its affiliates.
(With inputs from agencies)
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