In a significant progress in investigation into alleged financial irregularities, the Enforcement Directorate (ED) has provisionally attached over 40 immovable properties valued at approximately ₹3,084 crore belonging to entities associated with industrialist Anil Ambani's Reliance Group. The action, announced on Sunday, targets high-value real estate across major Indian cities and stems from a broader money laundering inquiry under the Prevention of Money Laundering Act (PMLA).
The attached assets include Ambani's sprawling Pali Hill bungalow in Mumbai, a prime plot in Delhi's upscale Panchsheel Park area, and a mix of residential and commercial buildings in Chennai, Hyderabad, and other locations. These properties, spread across Mumbai, Delhi-NCR, and southern India, represent a substantial portion of the group's real estate holdings. The ED's move comes after months of scrutiny into how public funds were allegedly siphoned off through complex corporate transactions.
At the heart of the probe is the handling of loans extended by Yes Bank to two Reliance subsidiaries: Reliance Home Finance Ltd (RHFL) and Reliance Commercial Finance Ltd (RCFL). Between 2017 and 2019, Yes Bank disbursed around ₹4,667 crore to RHFL and ₹3,426 crore to RCFL for specific lending purposes. However, investigators allege that these funds were diverted to 19 other group companies for unrelated uses, including settling inter-corporate debts and funding operational shortfalls, rather than being deployed as intended. This diversion, the ED claims, constitutes money laundering, with the attached properties serving as proceeds of the crime.
The case originated from FIRs filed by the Central Bureau of Investigation (CBI) in 2020, following complaints from Yes Bank about non-performing assets. The ED assumed jurisdiction under PMLA last year, conducting multiple raids and summoning key executives. Sources indicate that the agency has traced a web of shell transactions that masked the true flow of money, potentially inflating asset values to evade regulatory oversight.
Anil Ambani, once a towering figure in India's telecom and infrastructure sectors, has faced mounting financial pressures since the collapse of Reliance Communications in 2019. His group companies have undergone insolvency proceedings, and personal guarantees have led to asset seizures by banks. This latest ED action could further strain his liquidity, though representatives for Ambani are yet to issue a formal response.
Legal experts view the attachment as a routine provisional step, allowing the ED 180 days to file a chargesheet before it becomes final. Ambani's legal team is expected to challenge the order in the Appellate Tribunal for Foreign Exchange, arguing procedural lapses or lack of direct evidence linking personal assets to the laundering.
