New Delhi: The Enforcement Directorate (ED) on Friday announced that it has provisionally attached properties and assets worth Rs 10,117 crore belonging to companies under the Anil Ambani-led Reliance Group.
These attachments have been made over multiple actions taken by the agency in various bank fraud investigations.
In its latest action, the ED said it attached over 18 properties, fixed deposits, bank balances, and unlisted investments worth Rs 1,120 crore. These assets belong to companies linked to the Reliance Home Finance Limited (RHFL), Reliance Commercial Finance Limited (RCFL), and the Yes Bank fraud case.
Breakdown of the attached properties
According to the ED, the newly attached assets include:
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Seven properties of Reliance Infrastructure Limited
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Two properties of Reliance Power Limited
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Nine properties of Reliance Value Services Private Limited
Apart from physical properties, the ED has also attached fixed deposits held in the names of:
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Reliance Value Services Private Limited
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Reliance Venture Asset Management Private Limited
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Phi Management Solutions Private Limited
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Adhar Property Consultancy Pvt Ltd
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Gamesa Investment Management Private Limited
In addition, the agency seized “unquoted investments” made by Reliance Venture Asset Management Pvt Ltd and Phi Management Solutions Pvt Ltd, which are part of the wider investigation.
The ED said these attachments are linked to suspected diversion of funds and misuse of loans borrowed by companies belonging to the Anil Ambani Group.
Earlier attachments raise total to over Rs 10,000 crore
Before this action, the ED had already attached properties worth over Rs 8,997 crore in bank fraud cases involving:
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Reliance Communications Ltd (RCOM)
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Reliance Commercial Finance Ltd (RCFL)
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Reliance Home Finance Ltd (RHFL)
With the new attachments worth Rs 1,120 crore, the agency said the total provisional attachment has now reached Rs 10,117 crore.
The financial probe agency stated:
“The ED has detected fraudulent diversion of public money by various Reliance Anil Ambani group companies, including Reliance Communications Ltd, Reliance Home Finance Ltd, Reliance Commercial Finance Ltd, Reliance Infrastructure Ltd, and Reliance Power Ltd.”
Yes Bank’s investments turned non-performing
The investigation revealed that between 2017 and 2019, Yes Bank invested:
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Rs 2,965 crore in RHFL instruments
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Rs 2,045 crore in RCFL instruments
By December 2019, these investments had turned non-performing, meaning they were no longer generating returns and the borrower had defaulted.
Yes Bank’s outstanding amounts stood at:
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Rs 1,353.50 crore for RHFL
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Rs 1,984 crore for RCFL
The ED said RHFL and RCFL together received public funds of more than Rs 11,000 crore, much of which was allegedly diverted instead of being used for legitimate business purposes.
ED investigation based on CBI FIR
The agency’s probe also stems from an FIR filed by the Central Bureau of Investigation (CBI) under several sections of the Indian Penal Code (IPC) and the Prevention of Corruption Act. The FIR names RCOM, Anil Ambani, and several others.
According to the ED, the investigation has uncovered large-scale financial irregularities. The agency claims that:
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RCOM and its group companies diverted more than Rs 13,600 crore for the evergreening of loans—a practice where fresh loans are taken to pay off old ones.
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Another Rs 12,600 crore was allegedly diverted to connected parties, including firms linked to the group.
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Around Rs 1,800 crore was reportedly invested in fixed deposits, mutual funds, and other instruments, which were later liquidated and moved to different group entities.
The ED has said that the pattern of fund diversion appears to be coordinated across several Reliance Group companies, and the investigation is ongoing to track the entire flow of money.
This case is expected to see further developments as both the CBI and ED continue examining the financial transactions and responsibilities of key individuals involved.