ED’s big action against Anil Ambani, assets worth Rs 1120 crore seized; Know in which case action was taken

ED Action On Anil Ambani: The troubles of the country’s leading businessman Anil Ambani do not seem to be decreasing. Once again, ED has seized new assets worth Rs 1120 crore while tightening its grip on Anil Ambani. It includes more than 18 properties. Some time ago also ED had seized assets worth Rs 1452 crore and Rs 7500 crore. It is being told that assets worth Rs 10,117 crore have been attached so far.

The case pertains to alleged fraud involving Reliance Home Finance Limited (RHFL), Reliance Commercial Finance Limited (RCFL) and Yes Bank. Continuous action is being taken against Anil Ambani Group in this matter.

The investigating agency took possession of these properties

The properties seized by the Central Investigation Agency Enforcement Directorate include 7 properties of Reliance Infrastructure Limited, 2 properties of Reliance Power Limited, 9 properties of Reliance Value Services Pvt Ltd, Reliance Value Services Pvt Ltd, Reliance Venture Asset Management Pvt Ltd, M/s Phi Management Solutions Pvt Ltd, M/s Aadhaar Property Consultancy Pvt Ltd, M/s Includes FDs and bank balances in the name of Gamesa Investment Management Private Limited. Along with this, stakes in unquoted investments have also been attached.

In which case did ED take action?

Let us inform you that during the year 2017-2019, Yes Bank had invested Rs 2,965 crore in RHFL Instruments and Rs 2,045 crore in RCFL Instruments. By December 2019, these became non-performing investments. The dues for RHFL stood at Rs 1,353.50 crore and for RCFL at Rs 1,984 crore. ED investigation in the case of RHFL and RCFL reveals that RHFL and RCFL received public money worth more than Rs 11,000 crore. Before Yes Bank invested this money in Reliance Anil Ambani group companies, Yes Bank had received huge funds from its erstwhile Reliance Nippon Mutual Fund.

Transfer of funds against SEBI rules

Reliance due to the rules of market regulator SEBI Nippon Mutual Fund Could not invest directly in these companies. Therefore, the money was transferred to the group companies through Yes Bank by adopting a ‘circuitous route’. Based on the FIR registered by CBI, ED has also started investigation against RCOM, Anil Ambani and others.

Assets worth Rs 10,117 crore seized so far

ED said that after this action Anil Ambani Group The total value of assets seized now stands at Rs 10,117 crore. Earlier, the agency had seized assets worth Rs 8,997 crore in bank fraud cases involving Reliance Communications (RCom), RHFL and RCFL.