ED takes more actions against Anil Ambani Group, seizes Knowledge City land among key assets

The seized property, valued at Rs 4,462.81 crore, is part of the agency’s wider investigation into alleged diversion and laundering of public funds by Reliance Home Finance Limited (RHFL) and Reliance Commercial Finance Limited (RCFL).

Earlier in the day, the ED also attached several other assets, including a family residence in Mumbai’s upscale Pali Hill area, the Reliance Centre in Delhi, and properties spread across at least eight cities.

The action falls under the provisions of the Prevention of Money Laundering Act (PMLA) and is linked to ongoing bank fraud investigations involving Reliance Communications Ltd. (RCOM).

With this latest attachment, the cumulative value of properties seized in connection with Reliance Group companies has now crossed Rs 7,500 crore.

Previous seizures included 42 properties worth over Rs 3,083 crore tied to RCOM, RHFL, and RCFL.

According to the ED, between 2010 and 2012, RCOM and its subsidiaries secured loans totalling Rs 40,185 crore from various domestic and foreign lenders, several of which were later classified as fraudulent.

Investigators allege that funds borrowed by one group company were diverted to repay loans of others, transferred to related entities, or parked in mutual funds — all in violation of loan conditions.

The agency’s findings suggest that around Rs 13,600 crore was diverted to evergreen existing loans, Rs 12,600 crore moved to related parties, and Rs 1,800 crore channelled through fixed deposits and mutual funds before being rerouted back to group entities.

The ED also uncovered misuse of bill discounting facilities and the siphoning of money abroad via outward remittances.

Meanwhile, Reliance Infrastructure Limited (R-Infra), in a regulatory filing, clarified that the attachment would not affect its business operations, shareholders, employees, or stakeholders.

The company also noted that Anil Ambani has not served on its board for more than three and a half years.

The ED’s investigation originates from a Central Bureau of Investigation (CBI) case filed under Sections 120-B, 406, and 420 of the Indian Penal Code, as well as sections 13(1)(d) and 13(2) of the Prevention of Corruption Act, naming RCOM, Anil Ambani, and others as accused.

Reiterating its stance, the ED said it remains committed to tracing and recovering proceeds of crime and ensuring that financial offenders are held accountable. The probe, the agency added, is ongoing.