Is Anil Ambani Back in Trouble Again?
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.
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.
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.
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)
Aishwarya is a journalism graduate with over three years of experience thriving in the buzzing corporate media world. She’s got a knack for decoding business news, tracking the twists and turns of the stock market, covering the masala of the entertainment world, and sometimes her stories come with just the right sprinkle of political commentary. She has worked with several organizations, interned at ZEE and gained professional skills at TV9 and News24, And now is learning and writing at NewsX, she’s no stranger to the newsroom hustle. Her storytelling style is fast-paced, creative, and perfectly tailored to connect with both the platform and its audience. Moto: Approaching every story from the reader’s point of view, backing up her insights with solid facts.
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