Enforcement Directorate (ED) has seized another Rs 1400 crore worth of assets of industrialist Anil Ambani
The Enforcement Directorate (ED) has seized another Rs 1400 crore worth of assets of industrialist Anil Ambani in the Reliance Communications loan fraud case. With this, the total amount of assets seized by him has crossed Rs 9000 crore. The properties of Anil and his company in Navi Mumbai, Chennai, Pune, and Bhubaneswar have been attached. It has been revealed that the land and building of Anil’s company in Bhubaneswar have been attached.
The ED is probing allegations of massive misappropriation of funds in Reliance Home Finance Limited (RHFL) and Reliance Commercial Finance Limited (RCFL), and various properties are being attached in the case. Earlier, on the 3rd of this month, a 132-acre plot of Anil’s Reliance Group was seized, worth Rs 4462.81 crore.
Apart from this, more than 40 properties of the group have also been attached. Anil’s house in Pali Hill, Mumbai, has also been attached. The total value of these properties is Rs 3084 crore. From the investigation, the ED has come to know that between 2017 and 2019, Rs 2965 crore was paid to RHFL and Rs 2045 crore to RCFL by Yes Bank. The money was extensively diverted and diverted elsewhere.
As a result, by 2019, these loans of both companies had become NPAs. Even now, Rs 1353 crore is still outstanding on RHFL and Rs 1984 crore on RCFL. Yes Bank has suffered a total loss of Rs 2700 crore on these loan transactions. The process of giving the loan to Anil’s company was also suspicious. The loan was sanctioned on the same day the application was made, and the loan was disbursed. Requirements like field visits and meetings were completely avoided. The ED suspects money laundering in this incident and is investigating.
