The Enforcement Directorate (ED) has attached assets valued at Rs 510 crore in cases of alleged fraud related to the Anil Ambani Group, the agency said in a statement on Tuesday (November 3), IANS reported. The attached assets include aircraft, bank balances, fixed deposits, immovable properties, receivables and investments.

Source: IANS

Of the total, assets worth Rs 263.05 crore were attached in the Reliance Home Finance Limited (RHFL) and Reliance Commercial Finance Limited (RCFL) bank-fraud case, and assets worth Rs 247.12 crore in the Reliance Communications Limited (RCOM) bank-fraud case, according to the ED statement.

Source: IANS

What was attached

In the RCOM case, the attached assets include two chartered aircraft, six plots of land and office premises in Maharashtra. In the RHFL/RCFL case, two windmills in Tamil Nadu, bank balances, fixed deposits, investments and receivables were attached, the statement said. Inshorts, summarising the same ED action, also listed two planes, six land parcels, one office premises, two windmills, bank balances and fixed deposits.

Source: Inshorts

Rs 510 croreAssets attached on Nov 3 (yaani about 51,00,00,00,000 rupees)
Rs 263.05 croreRHFL / RCFL bank-fraud case tranche
Rs 247.12 croreRCOM bank-fraud case tranche
~Rs 23,100 croreCumulative ED attachments / seizures against the group so far
10People arrested by ED in these cases so far

What the ED alleges — and the basis of the probe

With these attachments, the ED said it has now cumulatively attached or seized assets worth around Rs 23,100 crore in cases against the Reliance Anil Ambani Group under the Prevention of Money-Laundering Act (PMLA) and the Foreign Exchange Management Act (FEMA). These are the agency's figures and allegations, not findings of a court.

Source: IANS

The ED said its investigation was initiated on the basis of multiple FIRs registered by the CBI in Delhi, the Economic Offences Wing of the Delhi Police and the Economic Offences Wing of the Mumbai Police, and that it has also investigated two cases under FEMA. The companies under investigation, it said, are Reliance Communication Ltd, Reliance Home Finance Ltd, Reliance Commercial Finance Ltd, Reliance Infrastructure Ltd, Reliance Power Ltd and Reliance Capital Ltd.

Source: IANS

The agency alleged that the group was involved in siphoning public funds from banks and financial institutions, misusing insolvency law (IBC) to fraudulently ring-fence corporate assets for personal use, and diverting public funds from India to offshore tax havens, with a large part used for the individual benefit of the promoters and their family. Nation Press, reporting the same ED statement, carried the same allegations in the same terms.

Source: Nation Press

The ED said it has arrested 10 individuals in these cases and filed six prosecution complaints under the PMLA, 2002, and one complaint under FEMA, and that further investigation is still in progress.

Source: IANS