ED Goes After Anil Ambani’s Empire: Properties Seized Across India
In a dramatic twist straight out of a corporate thriller, the Enforcement Directorate (ED) has swooped in to attach multiple properties linked to industrialist Anil Ambani.
The move comes amid a high-stakes money laundering probe tied to alleged loan fraud involving him and his group companies. From the buzzing streets of Navi Mumbai to Chennai, Pune, and Bhubaneswar, the properties have now been frozen under the Prevention of Money Laundering Act (PMLA), 2002. Officials say the total value of the attached assets is eye-popping, nearly Rs 9,000 crore.
Massive Land Attachment At DAKC
- Location: Dhirubhai Ambani Knowledge City (DAKC), Navi Mumbai
- Area Attached: Over 132 acres
- Estimated Value: Rs 4,462.81 crore
- Purpose: Attached under the PMLA in connection with ongoing bank fraud probes
- Companies Involved:
- Reliance Communications Ltd. (RCOM)
- Reliance Commercial Finance Ltd.
- Reliance Home Finance Ltd.
CBI FIR Triggers Money Laundering Probe
The money-laundering probe stems from a Central Bureau of Investigation (CBI) FIR registered under sections 120-B, 406, and 420 of the Indian Penal Code, and sections 13(2) read with 13(1)(d) of the Prevention of Corruption Act, naming RCOM, Anil Ambani, and others. According to the ED, RCOM and its group companies availed loans from both domestic and foreign lenders between 2010 and 2012, with total outstanding dues amounting to Rs 40,185 crore.
“Five banks have since declared the accounts of the group as fraudulent,” officials noted.
Alleged Diversion And Misuse Of Loans
The investigation revealed that loans raised by one entity were used to repay borrowings of other group companies, routed to related parties, or invested in mutual funds, in violation of the loan terms. The agency alleged that over Rs 13,600 crore was diverted for evergreening of loans, Rs 12,600 crore was funnelled to connected parties, and around Rs 1,800 crore was invested in fixed deposits and mutual funds, which were later liquidated and rerouted to group entities.
ED Vows To Recover Proceeds Of Crime
The ED also detected large-scale misuse of bill discounting mechanisms and alleged siphoning of funds abroad through foreign remittances. The agency reiterated its commitment to pursuing financial crime cases and ensuring that the proceeds of crime are recovered and restituted to rightful claimants
(This news has been syndicated from ANI, and is mildly edited for clarity)
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