ED attaches additional Rs 3,034 crore assets in Reliance Communications case

The Enforcement Directorate has provisionally attached assets worth Rs 3,034.9 crore in connection with the Reliance Communications (RCom) bank fraud case, taking the total value of assets linked to investigations involving the Reliance Anil Ambani Group to over Rs 19,344 crore.

The action has been carried out under provisions of the Prevention of Money Laundering Act (PMLA), with the agency stating that the move is aimed at preventing the dissipation of assets and safeguarding the interests of lenders and the public.

The case is being examined by a special investigation team set up on the directions of the Supreme Court of India, focusing on alleged diversion and laundering of funds within the group.

The probe stems from multiple FIRs registered by the Central Bureau of Investigation following complaints by major financial institutions, including the State Bank of India, Punjab National Bank, Bank of Baroda and Life Insurance Corporation of India.

According to investigators, RCom and its affiliated entities had secured loans from domestic and international lenders, with outstanding dues amounting to approximately Rs 40,185 crore.

Among the assets attached are high-value properties linked to the promoter group, including a residential flat in Mumbai’s Usha Kiran building, a farmhouse in Khandala near Pune, and land in Sanand, Ahmedabad. The agency has also attached 7.71 crore shares of Reliance Infrastructure held through a group entity associated with a private family trust.

The ED alleged that certain assets were structured in a manner intended to shield them from liabilities arising from personal guarantees extended by Anil Ambani to lenders. It claimed these properties were meant for the benefit of the promoter family rather than for recovery by banks whose loans later turned non-performing assets.

Under the legal framework of the PMLA, such attached assets can eventually be restored to legitimate claimants, including banks that have suffered losses, following due process.

The agency said investigations are ongoing as it continues efforts to trace and secure assets linked to alleged financial irregularities in the case.

With IANS inputs