ED Attaches Anil Ambani Group Properties Worth Rs 3,000 Crore in Major Crackdown
In a significant enforcement action, the Enforcement Directorate (ED) has attached properties worth Rs 3,000 crore belonging to the Anil Ambani-led Reliance Group under the Prevention of Money Laundering Act (PMLA). The seized assets span prime locations in Mumbai, Delhi, and Kancheepuram, making it one of the largest such actions in recent years tied to alleged financial fraud.
Key Properties Attached by ED
The ED’s crackdown targets high-value assets, including:
– Bandra Kurla Complex (BKC), Mumbai – Premium office spaces owned by Reliance Group.
– Luxury apartments in Delhi and Mumbai linked to group entities.
– Land parcels in Kancheepuram, Tamil Nadu – Allegedly acquired through suspicious transactions.
RCom Loan Fraud: The Root of the Probe
The investigation stems from Reliance Communications (RCom)’s bankruptcy and its Rs 12,000 crore loan default to State Bank of India (SBI) and other lenders. The ED alleges that funds were diverted through:
– Shell companies
– Inflated invoices
– Layered transactions
Anil Ambani’s Mounting Legal Woes
This is not the first time Ambani has faced ED scrutiny. He previously avoided jail in a UK contempt case involving unpaid dues to Chinese banks. The latest action signals heightened pressure from Indian agencies.
Reliance Group’s Response:
“The ED’s move is premature and unjust. We will prove our innocence in court.”
Political & Financial Implications
- Opposition leaders question if the timing is politically motivated ahead of elections.
- Banking experts call it a necessary step to recover public funds.
What’s Next?
The ED may push for prosecution under PMLA, and the attached properties could be auctioned to repay banks.
Stay updated on this developing story.
