ED Attaches ₹3,034 Crore Assets Linked to Anil Ambani in RCOM 'Fraud' Probe

The ED on Tuesday said it has provisionally attached assets worth ₹3,034 crore, including a Mumbai flat owned by industrialist Anil Ambani and a Khandala farmhouse jointly held by his son Jai Anshul Ambani, in a bank "fraud"-linked money laundering probe against Reliance Communications.

The provisional attachment has been made under the Prevention of Money Laundering Act (PMLA) to prevent dissipation of assets and safeguard the interests of banks and the public, the Enforcement Directorate said in a statement.

Reliance Communications (RCOM) is part of the Reliance Anil Ambani Group (RAAG).

According to a RAAG spokesperson, some of the attached properties belong to Kokilaben D Ambani, Anil Ambani’s mother.

The money laundering case originates from multiple CBI FIRs based on complaints filed by State Bank of India, Punjab National Bank, Bank of Baroda and Life Insurance Corporation of India against RCOM, Anil Ambani and others.

RCOM and its group companies had availed loans from domestic and foreign lenders, of which ₹40,185 crore remains outstanding, the ED said.

The agency stated that the attached assets include a flat in the Usha Kiran Building at Cumballa Hill in south Mumbai belonging to Anil Ambani, a farmhouse in Khandala held in the name of his son Jai Anshul Ambani and Luna Trust, and a land parcel in Sanand, Ahmedabad, in the name of Mudra Foundation for Communications Research and Education (MICA).

The attachment also covers 7.71 crore shares of Reliance Infrastructure Ltd held by Risee Infinity, a group entity of Anil Ambani under the RiseE Trust umbrella. The ED described this as a private family trust.

It said the RiseE Trust was created to "ensure" wealth preservation and resource generation by consolidating properties within the trust and shielding them from Anil Ambani’s personal liabilities arising from guarantees extended to banks for RCOM loans.

"The properties were intended to be beneficially used and owned by the Anil Ambani family and not for the distressed public banks whose loans turned NPA," it said.

The ED said it is committed to restoring the allegedly defrauded assets to the victims — the lender banks and financial institutions — under provisions for restitution of assets under the PMLA.

With this action, the total value of attached properties in cases involving the Reliance Anil Ambani Group has reached ₹19,344 crore. The group is under investigation for alleged bank fraud and diversion of funds.

Responding to the development, a RAAG spokesperson reiterated that some of the attached properties belong to Kokilaben D Ambani.

He added that the Usha Kiran and Khandala properties were "legacy family assets" acquired about four decades ago.

"MICA is an AICTE recognised charitable educational institution that has operated independently sine 1991. The shareholding of Risee Infinity Pvt Ltd has been publicly disclosed on the stock exchange since 2021," the spokesperson said.

He added that the affected parties would present their response before the Adjudicating Authority within the time prescribed by law.

(with PTI inputs)