Mumbai’s Pali Hill, home to India’s wealthiest, witnessed a bold ED move as the agency attached Anil Ambani’s sprawling ‘Abode’ residence in a money laundering case tied to Reliance Communications (RCom). Valued at a staggering Rs 3,716.83 crore, this seizure elevates the cumulative attached assets from the group to over Rs 15,700 crore.
Under PMLA provisions, the attachment follows a CBI-registered FIR charging RCom, Ambani, and associates with IPC sections on conspiracy, criminal breach of trust, cheating, and anti-corruption laws. The probe exposed how the telecom firm and affiliates siphoned loans exceeding Rs 40,185 crore from banks, leaving a trail of NPAs.
Central to the case is the bungalow’s shift to a family trust, purportedly to distance it from Ambani’s personal liabilities as guarantor for RCom loans. ED contends this maneuver preserved family wealth while banks suffered massive losses. An earlier attachment on part of the property stood at Rs 473.17 crore.
As ED reaffirms its resolve to protect public funds, this action highlights systemic risks in corporate lending. The once-mighty Reliance empire’s fall from grace raises broader concerns about governance in India’s corporate sector. With the investigation intensifying, stakeholders await clarity on recovery prospects for beleaguered lenders.