New Delhi [India], November 3 : The Enforcement Directorate's (ED) Special Task Force has attached over 132 acres of land in Dhirubhai Ambani Knowledge City (DAKC) in Navi Mumbai, worth Rs 4,462.81 crore, on money laundering charges against Anil Ambani's Reliance Group, the agency said on Monday.
This attachment comes in connection with the ongoing probe into bank fraud cases involving Reliance Communications Ltd. (RCOM), Reliance Commercial Finance Ltd (RCFL) and Reliance Home Finance Ltd (RHFL).
The ED has earlier attached 40 properties worth about Rs 3,083 crore linked to entities of the Reliance Anil Ambani Group in the fraud cases related to the diversion of public funds by RHFL and RCFL, the ED said in a statement.
The total value of assets attached by the ED in cases linked to the Reliance Anil Ambani Group has now risen to over Rs 7,500 crore, including earlier attachments worth Rs 3,083 crore, it said.
The money-laundering probe stems from a Central Bureau of Investigation (CBI) FIR registered under Sections 120-B, 406 and 420 of the Indian Penal Code and sections 13(2) read with 13(1)(d) of the Prevention of Corruption Act, naming RCOM, Anil Ambani, and others.
However, Reliance Infrastructure in a statement, said that Anil Ambani has not been on the Board of Reliance Infrastructure Limited for more than 3.5 years.
"We wish to inform that certain assets of the Company have been provisionally attached by ED for the alleged violations under PMLA. There is no impact on the business operations, shareholders, employees or any other stakeholders of Reliance Infrastructure Limited. Anil D Ambani is not on the Board of Reliance Infrastructure Limited for more than 3.5 years," it said.
According to the ED, RCOM and its group companies availed loans from both domestic and foreign lenders between 2010 and 2012, with total outstanding dues amounting to Rs 40,185 crore. "Five banks have since declared the accounts of the group as fraudulent."
The investigation has revealed that loans raised by one entity were used to repay borrowings of other group companies, routed to related parties, or invested in mutual funds -- in violation of the loan terms. The agency alleged that over Rs 13,600 crore was diverted for evergreening of loans, Rs 12,600 crore was funnelled to connected parties, and around Rs 1,800 crore was invested in fixed deposits and mutual funds, which were later liquidated and rerouted to group entities.
The ED also detected large-scale misuse of bill discounting mechanisms and alleged siphoning of funds abroad through foreign remittances.
The agency reiterated its commitment to pursuing financial crime cases and ensuring that the proceeds of crime are recovered and restituted to rightful claimants.