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Reliance Anil Ambani Group: ED’s new ‘Shikanja’ on Anil Ambani’s Reliance Group; Assets worth Rs 1,120 crore seized

By Samira Vishwas

 

  • Yes Bank fraud case
  • Assets worth ₹1,120 crore attached in ED action
  • Total assets reached ₹10,117 crore

Anil Ambani Marathi News: Anil Ambani (Anil Ambhani)’s problems do not seem to be reducing. by the Directorate of Enforcement (Enforcement Directorate – ED) took further action against them and seized new assets worth Rs.1120 crores. The action involves more than 18 properties. With this, the Anil Ambani Group’s total assets of ₹10,117 crore have been attached so far.

What is this case related to?

The case relates to alleged fraud linked to Reliance Home Finance Limited (RHFL), Reliance Commercial Finance Limited (RCFL) and Yes Bank. Earlier also ED had attached assets worth ₹1452 crore and ₹7500 crore in this case.

The assets seized by the ED include properties belonging to several companies:

Reliance Infrastructure Limited: 7 properties

Reliance Power Limited: 2 properties

Reliance Value Services Private Limited: 9 properties

Also includes fixed deposits (FD) and bank balances in the name of 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 and M/s Games Investment Management Pvt Ltd. Along with this, stakes in unlisted investments have also been seized.

Also Read: Anil Ambani in Dive! ED strike action; 1,400 crore assets seized; The Supreme Court…

When is this case?

During 2017-2019, Yes Bank invested ₹2,965 crore in RHFL instruments and ₹2,045 crore in RCFL instruments. By December 2019, these investments became non-performing investments. ₹1,353.50 crore for RHFL and ₹1,984 crore for RCFL. According to the ED investigation, RHFL and RCFL received more than ₹11,000 crore of public funds. Before Yes Bank invested this money in the Reliance Anil Ambani group of companies, the bank received a large amount of funding from the erstwhile Reliance Nippon Mutual Fund.

‘Circuitous route’ by tearing ‘SEBI’ rules

The ED investigation revealed that Reliance Nippon Mutual Fund could not directly invest in these companies due to SEBI regulations. Hence the funds were channeled through Yes Bank to the group companies using ‘circuitous route’. CBI Based on the FIR filed by the CBI, the ED has also initiated an investigation against RCOM, Anil Ambani and others.

What is the value of assets seized so far?

The ED said that after this operation, the total value of the assets seized from the Anil Ambani group has now reached ₹10,117 crore. Earlier, the agency had seized assets worth ₹8,997 crore in bank fraud cases involving Reliance Communications (RCom), RHFL and RCFL.

Also Read: Anil Ambani Hits Lottery In Hard Times, Bank Account With Rs. 1000000000, got a strong ‘deal’ abroad

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