ED seizes Rs 1,120 crore in fresh action against Reliance Anil Ambani Group

NEW DELHI: The Enforcement Directorate (ED) has tightened its grip on the ongoing financial probe linked to the Reliance Anil Ambani Group, attaching assets valued at Rs 1,120 crore in connection with alleged irregularities involving Reliance Home Finance Ltd (RHFL), Reliance Commercial Finance Ltd (RCFL) and Yes Bank.

The latest move takes the total value of properties attached across various cases involving the group to about Rs 10,117 crore, according to the agency.

The ED said the newly attached assets include a wide range of investments and properties such as seven in the name of Reliance Infrastructure, two in the name of Reliance Power and nine in the name of Reliance Value Service. Fixed deposits, bank balances and unlisted investments belonging to Reliance Venture Asset Management, Phi Management Solutions, Adhar Property Consultancy and Gamesa Investment Management are also part of the attachment.

The agency further said that an earlier round of attachments — valued approximately Rs 8,997 crore — related to alleged fraud involving Reliance Communications (RCOM), RCFL and RHFL

The ED said its investigation has unearthed a web of fund diversion, allegedly carried out through multiple group companies, which include RCOM, RHFL, RCFL, Reliance Infrastructure, and Reliance Power. Investigators said Yes Bank had invested around Rs 5,010 crore in RHFL and RCFL between 2017 and 2019, exposures that later turned non-performing.

The agency further alleges that over Rs 11,000 crore in public funds were routed into RHFL and RCFL through an indirect route.