ED attaches Anil Ambani Group assets worth Rs 3,034 crore

The Enforcement Directorate has provisionally attached fresh assets worth Rs 3,034 crore belonging to Reliance Communications (RCOM) and Reliance Infrastructure Ltd (R-Infra) as part of its ongoing money laundering probe against the Reliance Anil Ambani Group (RAAG). The attached properties include a flat in Mumbai, a farmhouse in Khandala — a hill station in Maharashtra — land parcels in Sanand near Ahmedabad, and 7.71 crore shares of R-Infra, among others. The central agency issued a provisional attachment order under Section 5(1) of the Prevention of Money Laundering Act (PMLA) to secure these assets.
The SIT constituted on the directions of the Supreme Court is investigating the Reliance Anil Ambani Group (“RAAG”) cases involving diversion and laundering of bank/public funds. 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 availed loans from domestic and foreign lenders of which a total amount of Rs. 40,185 Crore is outstanding. ED investigation revealed 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. Besides the above, 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 also attached.The RiseE Trust was set up to ensure wealth preservation and resource generation by aggregation of properties in RiseE Trust and shield it from the personal liabilities of  Anil Ambani in the form of Personal Guarantees extended by him to lender banks against the loans sanctioned to RCOM. 
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 law. ED is committed to safeguarding the financial system and protecting public funds by identifying and attaching assets involved in money laundering.

(Freelance Journalist)