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In a fresh statement, the Reliance Group, mentioned that the Enforcement Directorate’s (ED) attachment of certain assets will have no material impact on the business operations, performance or future prospects of Reliance Infrastructure Ltd and Reliance Power Ltd. The Group said it remains fully committed to safeguarding the interests of over 50 lakh retail shareholders, among the largest investor bases in the country. The Enforcement Directorate (ED) has provisionally attached over 132 acres of land belonging to Dhirubhai Ambani Knowledge City (DAKC) in Navi Mumbai, valued at Rs 4,462.81 crore, in connection with the bank fraud investigation involving Reliance Communications Ltd (RCom). With this action, the cumulative value of attached assets linked to the Reliance ADAG group in the case has crossed Rs 7,545 crore. Earlier, the agency had attached 42 properties worth more than Rs 3,083 crore related to RCom, Reliance Commercial Finance Ltd, and Reliance Home Finance Ltd. The probe stems from a CBI FIR filed against RCom, Anil Ambani, and others under IPC sections 120-B, 406, 420 and provisions of the Prevention of Corruption Act. RCom and its group companies had availed loans from domestic and foreign lenders between 2010 and 2012, with dues now standing at Rs 40,185 crore. Five banks have reportedly classified these loan accounts as fraud. According to ED, the investigation revealed large-scale diversion of funds. Loans sanctioned for specific purposes were allegedly used to repay other loans, transferred to related parties, and invested in mutual funds — violating sanction conditions. The agency claims: Over Rs 13,600 crore was used for loan evergreening Rs 12,600 crore was diverted to connected entities Rs 1,800 crore was placed in FDs and mutual funds and later routed back to group firms Funds were allegedly siphoned abroad through foreign remittances ED says misuse of bill-discounting facilities to channel funds to related companies was also detected. The agency reiterated its commitment to pursuing financial-crime cases and recovering proceeds of crime. Further investigation is underway. ED Action Linked to Alleged Fund Diversion by Group Finance Entities The Enforcement Directorate’s attachment follows an ongoing money-laundering investigation related to Reliance Home Finance Ltd (RHFL) and Reliance Commercial Finance Ltd (RCFL). According to the agency, the case pertains to alleged diversion and laundering of funds raised by the two entities. Between 2017 and 2019, Yes Bank had invested Rs 2,965 crore in RHFL instruments and Rs 2,045 crore in RCFL instruments. These exposures later turned non-performing, with outstanding dues of Rs 1,353.50 crore for RHFL and Rs 1,984 crore for RCFL as of December 2019, as per ED findings. The ED, on Monday November 3rd, has attached assets worth Rs 3,084 crore in connection with the probe, covering over 40 properties across multiple cities including Mumbai, Delhi, Noida, Ghaziabad, Pune, Thane, Hyderabad, Chennai and East Godavari. This also includes the Ambani family’s Pali Hill property and land at the Reliance Centre site in New Delhi. The action forms part of a broader investigation into alleged irregularities and the diversion of over Rs 17,000 crore by several group entities. The agency earlier conducted searches at 35 locations linked to over 50 companies and executives in July this year, and Anil Ambani was questioned by investigators in August. The money-laundering case originates from a CBI FIR, and proceedings remain ongoing. ED Action Primarily Linked to Reliance Communications The company highlighted that the majority of the assets by value attached by the ED belong to Reliance Communications (RCom) — a company that is: Not part of the Reliance Group since 2019 Undergoing insolvency under the Corporate Insolvency Resolution Process (CIRP) Managed by an independent Resolution Professional Under oversight of NCLT and a Committee of Creditors led by SBI "Mr. Anil D. Ambani is in no way involved with Reliance Communications and resigned from the company in 2019," the statement clarified. It also added that Mr. Ambani has not served on the boards of Reliance Infrastructure or Reliance Power for over 3.5 years. Assets Listed Under Attachment Reports referenced the attachment of properties including: 132 acres at Dhirubhai Ambani Knowledge City (DAKC), Navi Mumbai Reliance Centre, New Delhi Property at Pali Hill, Bandra (West), Mumbai Other assets related to Reliance Infrastructure Operations Continue Unaffected Both Reliance Infrastructure and Reliance Power stressed that their businesses remain unaffected and continue to operate normally. “The companies remain focused on growth, operational excellence, and value creation for all stakeholders,” the Group said.
