Winning Bizness Desk
Mumbai.The Enforcement Directorate (ED) has provisionally attached assets worth Rs 1,021 crore belonging to the Reliance Anil Dhirubhai Ambani Group (ADAG) as part of its ongoing money laundering investigation. The latest action, announced on July 11, further tightens the agency's scrutiny of the group and takes the total value of assets attached in the case to Rs 20,367 crore. The attachment primarily covers equity shares of Reliance Power held by Reliance Infrastructure, besides certain loan receivables linked to Sasan Power and Reliance Power. The move comes as the probe into alleged diversion of public funds gathered by group finance companies gathers pace.
Following CBI complaint, ED widens investigation
The money laundering investigation stems from a First Information Report (FIR) registered by the Central Bureau of Investigation (CBI) against Reliance Home Finance Limited (RHFL) and Reliance Commercial Finance Limited (RCFL). Acting on the CBI complaint, the ED launched its investigation under the Prevention of Money Laundering Act (PMLA), alleging large-scale financial irregularities involving public funds.
According to the agency, the latest attachment order includes:
- Equity shares of Reliance Power held by Reliance Infrastructure.
- Loan receivables related to Sasan Power and Reliance Power.
- Assets valued at Rs 1,021 crore under provisional attachment.
Agency alleges systematic fund diversion
The ED has alleged that public funds amounting to Rs 15,548 crore, mobilised through RHFL and RCFL, were systematically diverted using a network of shell companies allegedly controlled and managed by entities linked to the Anil Ambani Group. Investigators claim the money was routed through multiple transactions designed to conceal its origin before reaching various group-linked entities.
The agency maintains that the suspected diversion formed part of a structured financial arrangement rather than isolated transactions. The allegations, however, remain under investigation and will be tested through the judicial process.
Multiple probes continue against the group
The enforcement action is one among several investigations currently involving the Anil Ambani Group.
The ongoing legal proceedings include:
- Four money laundering cases under the PMLA.
- Three separate investigations for alleged violations of the Foreign Exchange Management Act (FEMA).
- Four prosecution complaints already filed before courts.
- Eight accused arrested during the investigation.
- FEMA-linked assets worth Rs 77.86 crore previously attached.
The ED has indicated that investigations into the group's financial transactions continue and further action may follow depending on the evidence gathered.
What provisional attachment legally means
Under the Prevention of Money Laundering Act, a provisional attachment prevents the owner from selling, transferring or creating any third-party rights over the identified assets. Such an order is generally valid for up to 180 days and is issued when investigators believe the property represents proceeds of crime or has been acquired through alleged illegal activities.
The attachment becomes final only after confirmation by the Adjudicating Authority constituted under the PMLA. Until then, the assets remain under legal restraint while the investigation and adjudication process continue.
Case remains under judicial scrutiny
With the latest attachment, the cumulative value of assets seized in the ADAG-linked money laundering investigation has crossed Rs 20,367 crore, making it one of the larger financial enforcement actions in recent years. While the ED has outlined allegations of fund diversion through shell entities and multiple financial transactions, the legal proceedings are still underway.
The outcome of the investigation will ultimately depend on the evidence presented before the competent courts and authorities. The group, like any accused party, is entitled to contest the allegations and the attachment orders through the legal remedies available under Indian law.
