Anil Ambani’s empire hit as ED seizes billions
Indian authorities froze assets valued at approximately 3,084 crore rupees connected to companies within the Reliance Anil Ambani Group after allegations emerged regarding misappropriation and illicit transfer of investor money. The Enforcement Directorate issued provisional attachment orders on Thursday, October 31, targeting properties that span multiple cities under anti-money laundering legislation.
Seized holdings feature a Bandra West residence in Mumbai along with the Reliance Centre building in New Delhi. Additional properties across Delhi, Noida, Ghaziabad, Pune, Thane, Hyderabad, Chennai and East Godavari districts comprise office spaces, residential flats and land plots. Investigators allege that Reliance Home Finance and Reliance Commercial Finance diverted public capital raised between 2017 and 2019. Yes Bank invested 2,965 crore rupees in one entity and 2,045 crore rupees in another, with both investments becoming nonperforming by December 2019.
Authorities determined that regulations preventing conflicts of interest barred direct investment from the former Reliance Nippon Mutual Fund into Anil Ambani Group financial firms. Investigators say funds from retail investors were channeled improperly through Yes Bank arrangements. Separate probes into Reliance Communications revealed that more than 13,600 crore rupees was used for evergreening loans while over 12,600 crore rupees went to affiliated entities.
