The Enforcement Directorate has provisionally attached immovable properties valued at Rs 1,400 crore linked to the Anil Ambani-led Reliance Group, intensifying its ongoing investigation into alleged financial irregularities and foreign exchange violations. This latest action brings the total value of assets attached to the group to an staggering Rs 9,000 crore, underscoring the scale of the probe into the conglomerate's operations.
The seizure follows Anil Ambani's second consecutive failure to appear before ED investigators for questioning on Monday, in connection with a Foreign Exchange Management Act (FEMA) inquiry. Ambani, Chairman of the Reliance Group, was last interrogated in August, with authorities probing claims of Rs 40 crore being siphoned from the Jaipur-Reengus highway project through shell entities in Surat and routed to Dubai as part of a broader hawala network exceeding Rs 600 crore.
The broader investigation originated from a Central Bureau of Investigation FIR accusing Ambani, Reliance Communications (RCom), and associates of fraud, conspiracy, and corruption related to loans totaling over Rs 40,000 crore availed by RCom and its affiliates from Indian and foreign banks between 2010 and 2012. Five of these accounts have been classified as fraudulent by the lenders, prompting the ED's aggressive asset recovery measures.
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Earlier this week, the ED attached approximately 132 acres of prime land at the Dhirubhai Ambani Knowledge City in Navi Mumbai, estimated at Rs 7,545 crore, further in the RCom bank loan fraud case. Combined with a recent attachment of Rs 4,462 crore in assets, these actions reflect a systematic effort to dismantle what investigators describe as a complex web of financial manipulations spanning domestic and international jurisdictions.
As the probe deepens, the ED's moves signal heightened regulatory scrutiny on high-profile business figures, potentially reshaping the landscape for corporate accountability in India. The Reliance Group has yet to issue an official response, but the mounting attachments could have profound implications for its restructuring and future operations.
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