‘Fresh trouble for Anil Ambani as MCA orders probe into alleged fund diversion’
New Delhi: The regulatory pressure on Anil Ambani’s Reliance Group has intensified, with the Ministry of Corporate Affairs (MCA) launching a new investigation into alleged fund diversion across several of its companies. Following earlier inquiries by the Enforcement Directorate (ED), Central Bureau of Investigation (CBI) and the Securities and Exchange Board of India (SEBI), the MCA has now referred the case to the Serious Fraud Investigation Office (SFIO), sources said.
Officials said the referral followed preliminary findings that pointed to large-scale financial irregularities and potential violations of the Companies Act. The SFIO will examine the movement of funds among Reliance Infrastructure, Reliance Communications (RCOM), Reliance Commercial Finance, and CLE Pvt Ltd, and identify accountability within senior management. Action is expected once the probe concludes.
The development coincides with a widening enforcement drive by the ED against the debt-laden group. Earlier this week, the agency attached assets valued at nearly Rs 7,500 crore belonging to various Reliance Group companies. According to ED officials, the attached properties include 30 assets of Reliance Infrastructure and holdings linked to Adhar Property Consultancy, Mohanbir Hi-tech Build, Gamesa Investment Management, Vihaan43 Realty and Campion Properties. These are part of an ongoing investigation into what authorities describe as a multi-crore bank fraud involving Reliance Infrastructure.
The ED’s case focuses on loans raised by RCOM and its subsidiaries between 2010 and 2012. The agency said the total dues amount to Rs 40,185 crore, with five banks having declared the accounts fraudulent. Investigators allege that funds were diverted among related group entities, used to repay earlier loans and routed through multiple layers in breach of loan conditions. “From around 2010-12 onwards, RCOM and its group companies raised thousands of crores from Indian banks, of which Rs 19,694 crore remains outstanding,” the ED stated, adding that at least Rs 13,600 crore was syphoned off through complex transactions, some of which were sent overseas.
The CBI and ED earlier conducted raids at the residence and offices of Anil Ambani and senior executives in August, leading to the arrest of a key finance official.
