New Delhi, Dec 5 The Enforcement Directorate (ED) on Friday said it has provisionally attached properties and assets belonging to Anil Ambani-led Reliance Group entities worth Rs 10,117 crore to date.
In the latest action, the financial regulator attached over 18 properties, fixed deposits, bank balance and shareholding in unquoted investments of Reliance Anil Ambani Group "worth Rs 1,120 crore in Reliance Home Finance Limited/Reliance Commercial Finance Limited/Yes Bank Fraud Case".
The attached properties comprise seven properties of Reliance Infrastructure Limited, two properties of Reliance Power Limited, and nine properties of Reliance Value Service Private Limited.
Also, fixed deposits in the name of Reliance Value Service Private Limited, Reliance Venture Asset Management Private Limited, Phi Management Solutions Private Limited, Adhar Property Consultancy Pvt Ltd, Gamesa Investment Management Private Limited, and further investments made in "unquoted investment by Reliance Venture Asset Management Private Limited and Phi Management Solutions Private Limited".
The ED had earlier attached properties worth over Rs 8,997 crore in the bank fraud cases of Reliance Communications Ltd. (RCOM), Reliance Commercial Finance Ltd., and Reliance Home Finance Ltd.
“Therefore, Cumulative Group Attachment reached Rs 10,117 crore. The ED has detected fraudulent diversion of public money by various Reliance Anil Ambani group companies, including Reliance Communications Ltd, Reliance Home Finance Ltd (RHFL), Reliance Commercial Finance Ltd (RCFL), Reliance Infrastructure Ltd (RIL) & Reliance Power Ltd (RHFL)," the financial probe agency said.
According to the ED, during 2017–2019, Yes Bank invested Rs. 2,965 crore in RHFL instruments and Rs 2,045 crore in RCFL instruments.
The outstanding was Rs 1,353.50 crore for RHFL and Rs 1,984 Crore for RCFL. The ED’s investigation in the case of RHFL and RCFL reveals that RHFL and RCFL received public funds of more than Rs 11,000 crore.
The ED has also initiated an investigation on the basis of an FIR registered by the CBI under various Sections of the Indian Penal Code, 1860 and the Prevention of Corruption Act, 1989, against RCOM, Anil Ambani and others.
In particular, RCOM and its group companies diverted over Rs 13,600 crore for evergreening of loans; over Rs 12,600 crore was diverted to connected parties and over Rs 1,800 crore was invested in FDs/MFs, etc., which was substantially liquidated for rerouting to group entities, according to an ED statement.
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