The Enforcement Directorate announced the attachment of properties valued at over Rs 581 crore belonging to Reliance Home Finance Limited (RHFL) and Reliance Commercial Finance Limited (RCFL), both Anil Ambani group companies. These properties include land parcels in various states like Goa, Kerala, Karnataka, Punjab, and others. The attachment was made following search operations related to a case under the Foreign Exchange Management Act against Reliance Power Limited.
The investigation stemmed from a CBI FIR filed against RCFL and RHFL after complaints from Yes Bank, Union Bank of India, and Bank of Maharashtra. It was discovered that the companies had raised public funds from multiple banks and financial institutions, with more than Rs 11,000 crore of these funds turning into non-performing assets. Previously, properties worth over Rs 15,729 crore were attached in bank fraud cases involving RCFL, RHFL, and RCOM, bringing the total attachment in the Reliance Anil Ambani Group cases to Rs 16,310 crore.
During search operations, assets amounting to Rs 2.48 crore in the form of fixed deposits, mutual funds, and cash were seized. Additionally, balances in 13 bank accounts of Reliance Infrastructure Limited (R-INFRA) worth Rs 77.86 crore were frozen under Section 37A of FEMA. The investigation revealed that public funds raised by RHFL and RCFL were diverted to various other Reliance Group companies through shell entities controlled by the group. These entities had no significant financial strength or business operations, indicating a deliberate intent to siphon off public funds.
The Enforcement Directorate uncovered the modus operandi used to divert public funds by the group, attaching the assets as representing the value of the proceeds of crime. The investigation is ongoing to delve further into the matter.
