ED Seizes ₹4,462 Crore Dhirubhai Ambani Knowledge City Land in RCom Bank Fraud Case

The Enforcement Directorate (ED) has attached approximately 132 acres of prime land at the Dhirubhai Ambani Knowledge City (DAKC) in Navi Mumbai, valued at Rs 4,462.81 crore, as part of its probe into the Reliance Communications (RCom) bank loan fraud case. This significant seizure, announced recently, follows the attachment of assets worth Rs 3,000 crore linked to the Anil Ambani Group, pushing the total value of confiscated properties beyond Rs 7,545 crore. The action underscores the agency's aggressive pursuit of recovery in one of India's largest corporate fraud investigations.

The probe stems from a Central Bureau of Investigation (CBI) FIR filed against Anil Ambani, RCom, and associated entities, charging them with fraud, criminal conspiracy, and corruption. Between 2010 and 2012, RCom and its affiliates secured loans exceeding Rs 40,000 crore from a consortium of Indian and foreign banks. Five major accounts have since been classified as fraudulent by the lenders, prompting the ED's money laundering investigation under the Prevention of Money Laundering Act (PMLA).

ED investigations have uncovered a sophisticated web of financial manipulations designed to siphon funds and evade repayment. Key revelations include the diversion of Rs 13,600 crore through "loan evergreening"—a fraudulent practice where expiring loans are rolled over to appear as fresh borrowings. Additionally, over Rs 12,600 crore was allegedly routed to group companies, while Rs 1,800 crore cycled through fixed deposits and mutual funds before being redirected internally.

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Further irregularities exposed involve the abuse of bill discounting facilities to channel funds to shell entities and unauthorized overseas transfers. These maneuvers, according to the ED, not only inflated RCom's balance sheets but also deprived banks of rightful recoveries, contributing to massive non-performing assets in the sector.

The agency has vowed to trace and repatriate all diverted funds, including those parked abroad, with ongoing raids and forensic audits targeting remaining assets. This escalation signals intensified scrutiny on high-profile defaulters, potentially leading to personal liability for Anil Ambani and reshaping corporate accountability in India's financial landscape.

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