7 months ago
ED Attaches Rs 1,885 Crore Reliance Group Assets
The Enforcement Directorate (ED) in India has attached new assets worth Rs 1,885 crore from companies owned by Anil Ambani's Reliance Group.
This is part of an ongoing investigation into money laundering and fraud.
The total value of assets attached so far is Rs 12,000 crore.
The ED claims that these companies, including Reliance Home Finance and Reliance Commercial Finance, diverted public money and engaged in fraudulent activities.
They also allege that Yes Bank invested money in these companies indirectly, which later became non-performing.
The ED is investigating various transactions and loans taken by these companies, some of which were allegedly siphoned off outside India.
Reliance Group companies have denied any wrongdoing in the past.
ED attaches fresh assets worth Rs 1,885 crore from Reliance Group companies.
Total attachment value in the case now stands at Rs 12,000 crore.
Properties attached include bank deposits, shareholding, immovable properties, mutual fund investments, and receivables.
Investigation involves Reliance Home Finance, Reliance Commercial Finance, Yes Bank, Reliance Communication, Reliance Infrastructure, Reliance Power, Mumbai Metro One, BSES Yamuna Power, and BSES Rajdhani Power.
ED alleges fraudulent diversion of public money and misuse of loans by Reliance Group companies, with Reliance Group denying any wrongdoing.
- Who
- Enforcement Directorate (ED) and Reliance Group companies
- What
- Attachment of assets worth Rs 1,885 crore
- Where
- India
- When
- Ongoing investigation, latest action on Wednesday
- Why
- Alleged money laundering and fraudulent diversion of public money
Enforcement Directorate (ED)
Reliance Group
Allegations of Fraud and Money Laundering
Enforcement Directorate (ED)
The ED alleges fraudulent diversion of public money and misuse of loans by Reliance Group companies, including Reliance Home Finance, Reliance Commercial Finance, and Reliance Communication.
Reliance Group
Reliance Group companies have denied any wrongdoing in the past.
Key facts
- Total Attachment Value
- Rs 12,000 crore
- Fresh Attachment Value
- Rs 1,885 crore
- Companies Involved
- Reliance Home Finance, Reliance Commercial Finance, Yes Bank, Reliance Communication, Reliance Infrastructure, Reliance Power, Mumbai Metro One, BSES Yamuna Power, BSES Rajdhani Power
- Properties Attached
- Bank deposits, shareholding, immovable properties, mutual fund investments, receivables
- Investigation Agency
- Enforcement Directorate (ED)
- Act
- Prevention of Money Laundering Act (PMLA)
- Period of Investigation
- 2017-2019
- Yes Bank Investments
- Rs 2,965 crore in RHFL, Rs 2,045 crore in RCFL
- Outstanding Amounts by December 2019
- Rs 1,353.5 crore for RHFL, Rs 1,984 crore for RCFL
- Total Public Funds Received by RHFL and RCFL
- More than Rs 11,000 crore
Timeline
ED raids Anil Ambani's homes over Rs 3,000 crore fraud suspicion.
Then, probes widen to money laundering.
Investigation leads to asset attachment.
ED seizes Rs 1,885 crore in fresh assets.
Quotes
ED spokesperson
Spokesperson for the Enforcement Directorate (ED)
“Before Yes Bank invested this money in Reliance Anil Ambani group companies, Yes Bank had received huge funds from erstwhile Reliance Nippon Mutual Fund. As per SEBI regulations, Reliance Nippon Mutual Fund could not invest funds directly in Anil Ambani group companies due to conflict-of-interest rules. Therefore, public money in mutual fund schemes was routed indirectly by them. The path ran through Yes Bank’s exposures.”
indianexpress.com
“Bank deposits of Rs 148 crore and receivable worth Rs 143 crore have been provisionally attached, which were in the hands of Value Corp Finance And Securities Limited. A residential house in the name of senior company executive Angarai Sethuraman and shares and mutual funds of another senior employee, Puneet Garg, have also been attached. The total value under the attachment is Rs 1,885 crore.”
indianexpress.com
Sources
Money laundering probe: ED attaches fresh Rs 1,800 cr assets linked to Anil Ambani
ED attaches Rs 1,800-cr fresh assets of Reliance Group companies
Probe Agency ED Attaches Rs 1,800-Crore Fresh Assets Of Reliance Group
ED attaches fresh assets worth Rs 1,800 crore linked to Anil Ambani group
