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The Enforcement Directorate on Thursday said it has attached fresh assets worth more than ₹1,452 crore as part of a money laundering investigation against businessman Anil Ambani’s Reliance Group.
A provisional order has been issued under the Prevention of Money Laundering Act (PMLA) to attach multiple buildings located in the Dhirubhai Ambani Knowledge City (DAKC) and Millennium Business Park, Navi Mumbai, as well as plots and buildings situated in Pune, Chennai and Bhubaneswar, the ED said in a statement.
These properties are worth ₹1452.51 crore and belong to Reliance Communications Ltd (RCOM) and some others, according to the federal agency.
The agency had earlier attached properties worth ₹7,500 crore in this case related to alleged bank loan fraud and other financial irregularities.
The Reliance Group did not respond to a query sent by PTI in this context.
Reliance Group sources had earlier said DAKC was an asset of RCOM which was undergoing insolvency for the last six years.
With the latest order, the total attachment in money laundering cases against the Reliance Group stands at
₹
8,997 crore.
The ED alleged RCOM and its group companies availed loans from domestic and foreign lenders from 2010-2012 onwards, of which a total amount of ₹40,185 crore was outstanding.
"Nine banks have declared the loan accounts of the Group as fraud. The loans taken by one entity from one bank were utilised for repayment of loans taken by other entities from other banks, transfer to related parties, and investments in mutual funds, which was in contravention to the terms and conditions of the sanction letter of the loans,” the agency claimed.
RCOM and its group companies "diverted” over ₹13,600 crore for "evergreening” of loans, over ₹12,600 crore was ”diverted” to connected parties and over ₹1,800 crore was ”invested” in fixed deposits and mutual funds, etc., which was substantially liquidated for re-routing to group entities, the ED probe found.
"Huge misuse of bill discounting for the purpose of funnelling funds to connected parties has also been detected by the ED. Certain loans were siphoned off outside India through foreign outward remittances,” the agency said.
Ambani has once been questioned by the ED in this case in August even as the agency has summoned him afresh in a foreign exchange violation case.
A provisional order has been issued under the Prevention of Money Laundering Act (PMLA) to attach multiple buildings located in the Dhirubhai Ambani Knowledge City (DAKC) and Millennium Business Park, Navi Mumbai, as well as plots and buildings situated in Pune, Chennai and Bhubaneswar, the ED said in a statement.
These properties are worth ₹1452.51 crore and belong to Reliance Communications Ltd (RCOM) and some others, according to the federal agency.
The agency had earlier attached properties worth ₹7,500 crore in this case related to alleged bank loan fraud and other financial irregularities.
The Reliance Group did not respond to a query sent by PTI in this context.
Reliance Group sources had earlier said DAKC was an asset of RCOM which was undergoing insolvency for the last six years.
With the latest order, the total attachment in money laundering cases against the Reliance Group stands at
The ED alleged RCOM and its group companies availed loans from domestic and foreign lenders from 2010-2012 onwards, of which a total amount of ₹40,185 crore was outstanding.
"Nine banks have declared the loan accounts of the Group as fraud. The loans taken by one entity from one bank were utilised for repayment of loans taken by other entities from other banks, transfer to related parties, and investments in mutual funds, which was in contravention to the terms and conditions of the sanction letter of the loans,” the agency claimed.
RCOM and its group companies "diverted” over ₹13,600 crore for "evergreening” of loans, over ₹12,600 crore was ”diverted” to connected parties and over ₹1,800 crore was ”invested” in fixed deposits and mutual funds, etc., which was substantially liquidated for re-routing to group entities, the ED probe found.
"Huge misuse of bill discounting for the purpose of funnelling funds to connected parties has also been detected by the ED. Certain loans were siphoned off outside India through foreign outward remittances,” the agency said.
Ambani has once been questioned by the ED in this case in August even as the agency has summoned him afresh in a foreign exchange violation case.
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