Anil Ambani’s empire hit as ED seizes billions
Financial enforcement authorities froze assets valued at 3,084 crore rupees belonging to enterprises controlled by businessman Anil Ambani, citing suspected violations of anti-money laundering statutes. The October 31 action under the Prevention of Money Laundering Act targeted more than 40 holdings across ten metropolitan areas, from the executive’s Pali Hills home to commercial offices and undeveloped parcels spanning Ghaziabad, Delhi, Noida, Mumbai, Pune, Thane, Hyderabad, Chennai, Kanchipuram and East Godavari.
Investigators allege Yes Bank channeled 2,965 crore rupees to Reliance Home Finance Limited and 2,045 crore rupees to Reliance Commercial Finance Limited between 2017 and 2019, with proceeds improperly diverted to affiliated entities. Outstanding obligations total 1,353.50 crore rupees and 1,984 crore rupees respectively for the two borrowers. Authorities contend mutual fund capital reached Ambani companies through the lender because direct investments faced regulatory barriers due to conflict-of-interest concerns.
The Enforcement Directorate maintains loans moved forward without adequate scrutiny or borrower meetings, with applications, approvals and agreements sometimes executed within single business days. Funds reportedly transferred before formal authorization in multiple transactions.
