In a major escalation of the RCom bank fraud saga, the Enforcement Directorate (ED) on Tuesday attached assets worth ₹3,034.90 crore belonging to entities under the Reliance Anil Ambani Group (RAAG). This brings the cumulative attachments in RAAG cases to over ₹19,344 crore, as detailed in ED’s latest disclosure.
A Supreme Court-appointed Special Investigation Team (SIT) is at the helm, delving into misuse of bank loans and money laundering charges. The action, invoked via PMLA Section 5, secures properties against sale or hiding, prioritizing recovery for aggrieved banks and taxpayers.
The case builds on CBI FIRs filed following grievances from heavyweight lenders like SBI, PNB, BoB, and LIC. Accusations point to Anil Ambani’s RCom and affiliates for defaulting on ₹40,185 crore in loans sourced globally.
Spotlight falls on prime properties: a luxurious flat in Mumbai’s Usha Kiran, Pune’s scenic Khandala farmhouse, and expansive land in Ahmedabad’s Sanand industrial belt. ED also nabbed 7.71 crore shares in Reliance Infrastructure from Razi Infinity Pvt Ltd, linked to an Ambani family trust designed to ring-fence personal wealth from liabilities.
While the family enjoyed these assets, banks nursed massive losses. PMLA provisions allow restitution to legitimate owners, including lenders, after adjudication—offering hope for fund recovery.
ED vows relentless pursuit to fortify financial integrity and shield public deposits. With probes continuing, this attachment signals deeper accountability for high-profile defaulters in India’s corporate landscape.
