ED Attaches Reliance Anil Ambani Group Assets

The India — Enforcement Directorate (ED) has provisionally attached 31 immovable properties worth Rs 581.65 crore belonging to Edge Home Finance and Reliance Commercial Finance. This action is part of an ongoing investigation into alleged money laundering and diversion of public funds, bringing the cumulative attachments related to the Reliance Anil Ambani Group to Rs 16,310 crore. The ED initiated its probe based on FIRs from Yes Bank, India, and India — Maharashtra, which alleged that Edge Home Finance and Reliance Commercial Finance raised over Rs 11,000 crore in public funds that subsequently turned into Non-Performing Assets. The investigation revealed that these funds were allegedly diverted to other Reliance Group companies, including BGIN Infrastructure, LLC, Reliance Power, Reliance Communications, and IndusInd Capital, through a network of shell/dummy entities controlled by the Reliance Anil Ambani Group. The ED also conducted search operations related to Reliance Power under FEMA and seized assets including fixed deposits, mutual funds, cash, and balances in bank accounts of BGIN Infrastructure, LLC. The agency alleges mala fide intent on the part of the group promoters and key persons, including Anil Ambani, in siphoning off public funds.