New Delhi: The Enforcement Directorate (ED) on Thursday said it has attached multiple properties belonging to Anil Ambani-led Reliance Group entities worth Rs 1,452.51 crore in the money laundering case.
In an official statement, ED said it has provisionally attached multiple buildings in Dhirubhai Ambani Knowledge City (DAKC) and Millennium Business Park, Navi Mumbai, as well as plots of land and buildings in Pune, Chennai, and Bhubaneswar, cumulatively worth Rs 1,452.51 crore under the provisions of the Prevention of Money Laundering Act (PMLA), 2002.
It may be recalled that ED had earlier attached properties worth over Rs 7,545 crore in the bank fraud cases of Reliance Communications Ltd. (RCOM), Reliance Commercial Finance Ltd., and Reliance Home Finance Ltd.
According to the statement, ED initiated an investigation on the basis of an FIR registered by CBI under various Sections of the Indian Penal Code, 1860 and Prevention of Corruption Act, 1989, against RCOM, Anil Ambani and others.
“RCOM and its group companies availed loans from domestic and foreign lenders from the period of 2010-2012 onwards, of which a total amount of Rs. 40,185 crore is outstanding. Nine banks have declared the loan accounts of the Group as fraudulent,” it added.
ED investigation further revealed that loans taken by one entity from one bank were utilised for repayment of loans taken by other entities from other banks, transfer to related parties, and investments in mutual funds, which was in contravention of the terms and conditions of the sanction letter of the loans.
In particular, RCOM and its group companies diverted over Rs 13,600 crore for evergreening of loans; over Rs 12,600 crore was diverted to connected parties and over Rs 1,800 crore was invested in FDs/MFs, etc., which was substantially liquidated for rerouting to group entities.
“The total attachment in these cases stands at Rs 8,997 crore. ED is actively pursuing perpetrators of financial crimes and is committed to restituting Proceeds of Crime to their rightful claimants. Further investigation is in progress,” said the regulator.
Meanwhile, Reliance ADAG Group Chairman Anil Ambani skipped the ED summons for the second time to appear for questioning at the investigative agency’s Delhi headquarters on Monday this week, in a FEMA investigation linked to the Jaipur–Reengus highway project. Anil Ambani has sought permission to appear virtually.
IANS
Sergio Gor meets RBI Governor, discusses areas of increased cooperation
Mumbai: US Ambassador to India, Sergio Gor, on Saturday said he met Reserve Bank of India’s (RBI) governor Sanjay Malhotra here, and discussed areas of increased cooperation. Gor also visited...
India’s fiscal deficit to be set at 4.2 pc of GDP for FY27: Morgan Stanley
New Delhi: The central government's fiscal deficit is expected to be set at 4.2 per cent of GDP for FY27 in the upcoming Union Budget (against the target of 4.4...
India, Russia cement business ties at Moscow conference
New Delhi: The XVI Russia–India Business Dialogue held in Moscow, attended by over 1,250 participants, observed that the development of Russia–India cooperation and implementation of joint business projects will continue...
‘Weakness of China’s domestic economy is hidden in massive trade surplus’
New Delhi: While China has accumulated a massive trade surplus of $1 trillion which is often seen as a reflection of the Asian giant as a manufacturing powerhouse, the truth...
Delhi’s maiden Night Bazaar to come up in Connaught Place parking lots: NDMC
New Delhi: Following the global nightlife trends, Delhi's NDMC Smart City is all set to launch its maiden 'Night Bazaar' in Connaught Place parking lots before March-end, offering a flea...
India, Chile close to sealing social security pact as CEPA talks enter final stage
New Delhi: India and Chile are close to finalising a social security agreement that is expected to make it easier for professionals to work across borders and encourage greater investments...
Aware of proposed US bill to raise tariffs to 500 pc, dealing with ‘great care’: Govt
New Delhi: The government on Friday said that it is aware of the US bill that proposes to raise tariffs on countries buying energy products, including oil, from Russia to...
Venezuela to buy only US-made goods under oil deal: Trump
Washington: President Donald Trump has said that Venezuela has agreed to purchase only American-made products using proceeds from a new US-brokered oil deal, describing the arrangement as a major shift...
India’s GDP growth likely to scale 7.5 per cent in FY 26: SBI report
New Delhi: While the 7.4 per cent GDP growth rate projected for FY 26 in the first advance estimates of the Ministry of Statistics "is quite expected and reasonable", the...
Mission ‘Hundred Million Jobs’ launched in India to boost employment rates
New Delhi: A group of industry leaders on Monday joined hands to launch Hundred Million Jobs (HMJ), a national initiative to create 10 crore jobs in India over the next...
Bank of America raises India’s GDP growth to 7.6 pc for current fiscal, 6.8 pc for FY27
New Delhi: As the Indian economy continues to grow over robust policy reforms and strong consumption, Bank of America (BofA) has raised the country’s GDP growth projection to 7.6 per...
Indian economy grows strongly over robust domestic demand, benign inflation: RBI
New Delhi: Despite an uncertain and challenging global economic backdrop, the Indian economy continues to grow strongly, underpinned by robust domestic demand, benign inflation, and prudent macroeconomic policies, the Reserve...
