New Delhi, (UNI) The Enforcement Directorate (ED) has escalated its investigation into the Reliance Communications (RCOM) bank fraud case by attaching over 132 acres of land at the Dhirubhai Ambani Knowledge City in Navi Mumbai.
The property is valued at Rs 4,462.81 crores. This action pushes the total value of properties attached in the Reliance Group cases to over Rs 7,500 crores, following a previous attachment of 42 properties worth Rs 3,083 crores.
The probe, based on a CBI FIR, centres on outstanding loans of Rs 40,185 crores from RCOM and its group companies, which five banks have declared fraudulent.
The ED alleges a systematic misuse of funds, revealing that loans were used to repay other group entities, transferred to connected parties, and invested in mutual funds against the terms of the loan sanctions. The agency identified the diversion of over Rs 13,600 crore for loan evergreening, over Rs 12,600 crore to connected parties, and over Rs 1,800 crore invested in fixed deposits and mutual funds which were later funneled back to the group. The ED also detected significant siphoning of funds abroad and stated it is pursuing the perpetrators to restitute the proceeds of crime.
Meanwhile, in an official statement, Reliance Infrastructure Ltd. confirmed that the ED has provisionally attached some of its assets in connection with an alleged PMLA violation.
The company assured that this action does not impact its business operations, shareholders, employees, or other stakeholders.
It also clarified that Anil D. Ambani has not been on its Board for over 3.5 years.
Further investigation is ongoing.
