New Delhi [India], April 6 (HBTV): The Enforcement Directorate (ED) has provisionally attached 31 immovable properties worth INR 581.65 crore in connection with the Reliance Home Finance Limited (RHFL) and Reliance Commercial Finance Limited (RCFL) case, the central agency said in a press release.
The attached properties comprise land parcels located in Goa, Kerala, Karnataka, Punjab, Tamil Nadu, Uttar Pradesh, Haryana, Jharkhand, Maharashtra, Delhi, West Bengal, Andhra Pradesh, and Rajasthan.
The action follows search operations conducted on March 6, 2026, in the case of Reliance Power Limited under the Foreign Exchange Management Act (FEMA).
The ED said it had earlier attached properties worth over INR 15,729 crore in bank fraud cases related to RCFL-RHFL and Reliance Communications Limited.
‘The cumulative Reliance Anil Ambani Group attachment has reached INR 16,310 crore. Further, during the course of search operations under PMLA and FEMA, assets amounting to INR 2.48 crore in the form of fixed deposits, mutual funds, and cash were frozen or seized under provisions of PMLA and FEMA. ED has also seized balances in 13 bank accounts of Reliance Infrastructure Limited to the tune of INR 77.86 crore under Section 37A of FEMA,’ the press release stated.
The ED initiated its investigation on March 22, 2025, based on multiple FIRs registered by the CBI under sections 120-B and 420 of the Indian Penal Code, 1860, and Section 13(2) read with Section 13(1)(d) of the Prevention of Corruption Act, 1988 against Reliance Commercial Finance Limited and Reliance Home Finance Limited, following complaints filed by Yes Bank, Union Bank of India, and Bank of Maharashtra.
The investigation revealed that RHFL and RCFL raised public funds from multiple banks and financial institutions, with more than INR 11,000 crore turning into non-performing assets.
The ED further found that these funds were diverted to various Reliance Group companies, including Reliance Infrastructure Limited, Reliance Power Limited, Reliance Communications Limited, and Reliance Capital Limited.
‘Public funds were diverted by routing them through a large number of shell or dummy entities controlled and managed by the Reliance Anil Ambani Group. These entities had negligible financial strength and no business operations. The investigation has revealed mala fide intent on the part of the group promoters and key persons. ED has unearthed the modus operandi for siphoning off public funds by various entities and group constituents. The assets attached vide Provisional Attachment Order dated March 11, 2026 have been attached as representing the value of the proceeds of crime,’ the press release said.
The ED said it is actively pursuing perpetrators of financial crimes and remains committed to the restitution of proceeds of crime to rightful claimants.
(ANI)