New Delhi, 03 November (H.S.): The Enforcement Directorate (ED) has attached additional assets worth Rs 510 crore in connection with bank fraud cases involving the Anil Ambani-led Reliance Group. The assets include aircraft, funds held in bank accounts, fixed deposits, immovable properties, investments and outstanding receivables.

With this latest action, assets worth approximately Rs 23,100 crore have so far been attached or seized in various cases being investigated against the group under the Prevention of Money Laundering Act (PMLA) and the Foreign Exchange Management Act (FEMA).

According to the ED, the latest action relates to assets worth Rs 247.12 crore in the bank fraud case involving Reliance Communications Ltd (RCom) and assets worth Rs 263.05 crore in bank fraud cases concerning Reliance Home Finance Ltd and Reliance Commercial Finance Ltd.

In the RCom case, the agency has attached two chartered aircraft, six plots of land and an office complex in Maharashtra. Meanwhile, in the cases involving Reliance Home Finance and Reliance Commercial Finance, the attached assets include two windmills in Tamil Nadu, funds held in bank accounts, fixed deposits, investments and properties linked to outstanding receivables.

The ED initiated its investigation under the Prevention of Money Laundering Act on the basis of several FIRs registered by the Central Bureau of Investigation (CBI) in Delhi, as well as by the Economic Offences Wings in Delhi and Mumbai. The agency has also investigated two cases under the Foreign Exchange Management Act.

The investigation covers Reliance Communications Ltd, Reliance Home Finance Ltd, Reliance Commercial Finance Ltd, Reliance Infrastructure Ltd, Reliance Power Ltd and Reliance Capital Ltd.

According to the ED's findings, companies belonging to the Anil Ambani Group allegedly misappropriated and diverted public funds obtained from banks and financial institutions. The group has also been accused of allegedly misusing provisions of the Insolvency and Bankruptcy Code (IBC) to secure company assets for private use and transferring public funds out of India to offshore tax havens.

The ED has alleged that a substantial portion of these funds was used for the personal benefit of the promoters and their family members.

The agency has so far arrested 10 people in connection with these cases and filed six prosecution complaints under the Prevention of Money Laundering Act. It has also filed one complaint under the Foreign Exchange Management Act.

Further investigation into the matter is underway.

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Hindusthan Samachar / Jun Sarkar