The Enforcement Directorate (ED) has provisionally attached over 40 properties linked to the Anil Ambani-led Reliance Group, including the iconic Pali Hill residence in Mumbai. The combined value of these properties surpasses Rs 3,000 crore. These assets, spread across major cities—including Delhi, Noida, Ghaziabad, Mumbai, Pune, Thane, Hyderabad, Chennai, Kancheepuram, and East Godavari—highlight a mix of office spaces, residential units, and land parcels, totaling approximately Rs 3,084 crore.
This action is part of an ongoing investigation into alleged diversion and money laundering involving public funds raised by Reliance Home Finance Ltd (RHFL) and Reliance Commercial Finance Ltd (RCFL). Between 2017 and 2019, Yes Bank invested nearly Rs 5,000 crore into these companies, which later turned into non-performing assets with dues exceeding Rs 3,300 crore.
The probe revealed a complicated mechanism designed to circumvent regulatory norms. Public funds invested in the erstwhile Reliance Nippon Mutual Fund were routed through Yes Bank to Anil Ambani Group firms, sidestepping SEBI’s conflict-of-interest regulations that prohibit mutual funds from investing directly into affiliated companies.
ED’s financial investigation uncovered serious lapses, including quick processing of loans without standard checks, loan disbursals preceding approvals, and incomplete or manipulated documentation. Many applications had fields left blank, were overwritten, or undated, reflecting systematic control failures.
The Directorate has also intensified scrutiny on the Reliance Communications Ltd (RCOM) loan fraud case, where over Rs 13,600 crore have allegedly been diverted. The ED continues to trace the crime proceeds and pursues asset recovery with the intent to benefit the public at large.
