The ED has attached fresh assets worth Rs 1,120 crore from the Reliance Anil Ambani Group in the Yes Bank fraud case. This brings the total seizure value to Rs 10,117 crore, targeting properties, FDs, and bank balances across group companies.
The Enforcement Directorate (ED) on Thursday said it has attached fresh assets worth Rs 1,120 crore belonging to the Reliance Anil Ambani Group in connection with the alleged fraud involving Reliance Home Finance Limited (RHFL), Reliance Commercial Finance Limited (RCFL) and Yes Bank. The attached assets include more than 18 properties, fixed deposits, bank balances and unquoted shareholdings.
Among the properties seized are seven assets of Reliance Infrastructure Limited, two assets of Reliance Power Limited, and nine assets of Reliance Value Services Private Limited. Fixed deposits and investments linked to Reliance Value Service Pvt Ltd, Reliance Venture Asset Management Pvt Ltd, Phi Management Solutions Pvt Ltd, Adhar Property Consultancy Pvt Ltd, and Gamesa Investment Management Pvt Ltd have also been attached.
With this action, the cumulative value of assets seized from the group now stands at Rs 10,117 crore, the ED said. Earlier, the agency had attached properties worth Rs 8,997 crore in connection with bank fraud cases involving Reliance Communications (RCOM), RHFL and RCFL.
Investigation into Fund Diversion
According to the ED, investigations have revealed large-scale diversion of public money by group companies, including RCOM, RHFL, RCFL, Reliance Infrastructure and Reliance Power. The agency stated that between 2017 and 2019, Yes Bank invested Rs 2,965 crore in RHFL and Rs 2,045 crore in RCFL instruments, which later became non-performing assets.
The probe further alleges that over Rs 11,000 crore of public money was funnelled through mutual fund investments and Yes Bank lending, circumventing SEBI conflict-of-interest rules. ED maintains that the funds reached the companies through a "circuitous route" involving Reliance Nippon Mutual Fund and Yes Bank.
Separate CBI Probe into RCOM Loans
Separately, ED is probing a Central Bureau of Investigation FIR filed against RCOM, Anil Ambani and associates regarding loans worth Rs 40,185 crore taken between 2010 and 2012. "Nine banks have declared these accounts fraudulent."
The agency claims over Rs 13,600 crore was diverted for loan evergreening, Rs 12,600 crore was sent to associated entities, and more than Rs 1,800 crore was parked in investments before being redirected. "Funds were allegedly siphoned off abroad through outward remittances, while misuse of bill discounting mechanisms was also detected," said the ED in its statement.
The ED said it remains committed to recovering proceeds of crime and returning them to rightful claimants. (ANI)
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