Anil Ambani's Reliance Power and Reliance Infra Shares Fall After ED Raids Assets of ADAG Group Chairman

Shares of Anil Ambani's Reliance Power and Reliance Infra fell sharply by 1% and 3% respectively after ED attached assets of Reliance Group Chairman.

The Enforcement Directorate (ED) has attached 40 properties worth ₹3,000 crore, including the Pali Hill residence of the Ambani family in Mumbai and the Reliance Centre in Delhi, in connection with its money laundering probe against the Anil Ambani-led Reliance Group.

Other than the Bandra residence and Reliance Centre at Ranjit Singh Marg in Delhi, the agency has attached multiple assets across Delhi, Noida, Ghaziabad, Mumbai, Pune, Thane, Hyderabad, Chennai (including Kancheepuram) and East Godavari under the Prevention of Money Laundering Act (PMLA). These assets include office premises, residential units and land parcels, officials said, adding that aggregate value of attachments is ₹3,084 crore.

The company is yet to release a statement on the ED action. The probe pertains to diversion and laundering of public funds raised by Reliance Home Finance Ltd (RHFL) and Reliance Commercial Finance Ltd (RCFL).It is alleged that during 2017–2019, Yes Bank invested ₹2,965 crore in RHFL instruments and ₹2,045 crore in RCFL instruments and these turned into non-performing investments by December 2019, with ₹1,353.50 crore then outstanding for RHFL and ₹1,984 crore for RCFL, said an officer who didn’t want to be named.

The investigation, according to a second officer, shows funds were routed indirectly through Yes Bank’s exposures to RHFL and RCFL, while RHFL and RCFL extended loans to entities linked to the Reliance Anil Ambani Group.