The Enforcement Directorate has attached assets valued at Rs 3,034.90 crore in the Reliance Communications (RCom) Ltd bank fraud case. This brings the total attachment in Reliance Anil Ambani Group cases to over Rs 19,344 crore. The special investigation team formed by the Supreme Court is looking into the cases involving diversion and laundering of bank and public funds.
ED provisionally attached the assets under the Prevention of Money Laundering Act to prevent asset dissipation and safeguard the interests of banks and the public. The investigation was initiated based on CBI FIRs filed by 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 have outstanding loans totaling Rs 40,185 crore from domestic and foreign lenders.
The ED investigation uncovered assets of the Promoter Group, including a flat in Mumbai, a farmhouse in Pune, and a land parcel in Ahmedabad. Additionally, 7.71 crore shares of Reliance Infrastructure Ltd held by M/s RiseE Infinity Pvt Ltd were also attached. These assets were intended for the Anil Ambani family’s use and not for the distressed public banks whose loans turned non-performing. The attachment under PMLA aims to preserve value for the legitimate claimants, including victim banks, for eventual recovery in accordance with the law.
Further investigation is ongoing in the case to safeguard the financial system and recover public funds involved in money laundering.
