Troubles continue for industrialist Anil Ambani, as the Enforcement Directorate (ED) has seized assets worth ₹11.2 billion (₹1,120 crore) in a fresh action. Earlier, the agency had attached assets worth ₹14.52 billion and ₹75 billion. The latest actions relate to alleged fraud involving Reliance Home Finance Limited (RHFL), Reliance Commercial Finance Limited (RCFL) and Yes Bank. The Ambani group has faced repeated investigations in this case.
What has been seized this time?
The latest seizures include over 18 properties, fixed deposits, bank balances, and unlisted shares. Properties attached include seven belonging to Reliance Infrastructure Limited, two of Reliance Power Limited, and nine of Reliance Value Services Private Limited. Fixed deposits and investments linked to Reliance Value Services Private Limited, Reliance Venture Asset Management Private Limited, FYE Management Solutions Private Limited, Aadhar Property Consultancy Private Limited, and Gems Investment Management Private Limited have also been seized.
Total assets seized so far
With this latest action, the total value of assets attached from the Ambani group has reached ₹101.17 billion. Previously, the agency had seized ₹89.97 billion in connection with bank frauds linked to Reliance Communications (RCom), RHFL, and RCFL.
Allegations in the investigation
According to the ED, investigations revealed large-scale misappropriation of public funds by the group’s companies, including RCom, RHFL, RCFL, Reliance Infrastructure, and Reliance Power. Between 2017 and 2019, Yes Bank invested ₹29.65 billion in RHFL and ₹20.45 billion in RCFL instruments, which later became non-performing assets (NPAs), reducing the likelihood of recovery.
The agency also alleged that more than ₹110 billion of public funds were routed through mutual fund investments and loans from Yes Bank, bypassing regulatory norms of the Securities and Exchange Board of India (SEBI). These funds were allegedly channelled to the companies through Reliance Nikku Mutual Fund and Yes Bank via complex routes.
FIR against Anil Ambani
The ED is also probing a CBI-registered FIR against RCom, Anil Ambani, and associates. The FIR relates to loans worth ₹401.85 billion taken between 2010 and 2012, which nine banks have classified as fraudulent. The agency claims that over ₹136 billion was misused for loan evergreening, ₹126 billion sent to related companies, and over ₹18 billion invested and then diverted elsewhere.
