The Enforcement Directorate has provisionally attached Anil Ambani’s luxurious Pali Hill residential property named ‘Abode’ worth Rs 3,716.83 crore in the Reliance Communications Ltd’s bank fraud case. This action was taken under the Prevention of Money Laundering Act, 2002. Previously, a portion of this property amounting to Rs 473.17 crore had been attached.
This attachment brings the total value of properties attached in the Anil Ambani Group to over Rs 15,700 crore. The investigation was initiated by the Enforcement Directorate based on a FIR filed by the CBI against Reliance Communications Ltd, Anil Ambani, and others under various sections of the Indian Penal Code and the Prevention of Corruption Act.
An investigation by the ED revealed that the Pali Hill property was incorporated into the RiseE Trust, a Private Family Trust of Anil Ambani’s family members, to create an appearance of non-involvement by Anil Ambani in the ownership. This restructuring aimed at safeguarding wealth and resources by aggregating the property in the trust to shield it from Ambani’s personal liabilities towards lender banks.
