Mumbai (Maharashtra) [India], April 28 : The Enforcement Directorate (ED) on Tuesday said that it had attached assets valued at Rs 3034.90 crore in the Reliance Communications Ltd. Bank alleged Fraud case, bringing the total attachment in Reliance Anil Ambani Group cases to over Rs.19,344 crore.
The SIT constituted on the directions of the Supreme Court is investigating the Reliance Anil Ambani Group ("RAAG") cases involving alleged diversion and laundering of bank/public funds.
The provisional attachment under PMLA has been made to prevent dissipation of assets and to protect the interests of banks and the public.
An investigation was initiated based on multiple CBI FIRs registered on the complaints of State Bank of India, Punjab National Bank, Bank of Baroda, and Life Insurance Corporation of India, against RCOM, Anil D. Ambani, and others.
RCOM and its group companies allegedly availed loans from domestic and foreign lenders, of which a total amount of Rs 40,185 Crore is outstanding.
According to the ED, certain assets of the Promoter Group, including a flat in the Usha Kiran Building, Mumbai, a farmhouse in Khandala, Pune, and a land parcel in Sanand, Ahmedabad and 7.71 Crore shares of Reliance Infrastructure Ltd., held by M/s Risee Infinity Pvt. Ltd., a group entity of Anil Ambani under the RiseE Trust umbrella, which is a Private Family Trust of the members of Anil Ambani's family, were attached.
Under Section 8 of PMLA, confiscated property would be restored to legitimate claimants who suffered loss, including victim banks. Thus, the attachment preserves value so that, after due legal process, public money can be recovered and restored to banks and ultimately the general public, in accordance with the law. ED said it was committed to safeguarding the financial system and protecting public funds by identifying and attaching assets involved in money laundering. Further investigation is in progress.
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