RCom Fraud Case: ED Attaches ₹3,034 Cr Assets of Anil Ambani Group

New Delhi (IANS): The Enforcement Directorate (ED) intensified its crackdown on the Reliance Anil Ambani Group (RAAG) on Tuesday, provisionally attaching assets worth ₹3,034.90 crore. This latest action in the Reliance Communications (RCom) bank fraud case brings the total value of attached assets in RAAG-related investigations to over ₹19,344 crore.

The Investigation and Asset Breakdown

The ED initiated the probe following multiple CBI FIRs based on complaints from major lenders, including the State Bank of India (SBI), Punjab National Bank (PNB), Bank of Baroda, and LIC. RCom and its subsidiaries reportedly owe a staggering ₹40,185 crore in outstanding loans to domestic and foreign creditors.

The newly attached assets under the Prevention of Money Laundering Act (PMLA) include:

• Real Estate: A luxury flat in Mumbai’s Usha Kiran Building, a farmhouse in Khandala (Pune), and a land parcel in Sanand, Ahmedabad.
• Equity: 7.71 crore shares of Reliance Infrastructure Ltd held by RiseE Infinity Pvt Ltd.

The “RiseE Trust” Mechanism

Investigators revealed that the RiseE Trust, a private family trust for the Ambani family, was used to shield wealth. According to the ED statement, the trust aimed to aggregate properties and protect them from the personal liabilities of Anil Ambani, who had extended personal guarantees for the RCom loans.

The agency stated that these properties were intended for the exclusive benefit of the family rather than for repaying the distressed public banks whose loans have turned into Non-Performing Assets (NPAs).

Restoration to Public Banks

Under Section 8 of the PMLA, the ED intends to restore the confiscated property to the victim banks and legitimate claimants. This attachment serves to preserve the value of the assets throughout the legal process, ensuring that public money can eventually be recovered.

The Special Investigation Team (SIT), formed under Supreme Court directions, continues to probe the diversion and laundering of these funds.