New Delhi/Mumbai, Dec 5: The Enforcement Directorate (ED) on Friday announced that it has provisionally attached assets worth Rs 10,117 crore belonging to entities of the Anil Ambani-led Reliance Group in connection with multiple bank fraud investigations. In its latest action, the agency attached over 18 properties, fixed deposits, bank balances, and unquoted investments valued at Rs 1,120 crore related to the Reliance Home Finance Limited (RHFL), Reliance Commercial Finance Limited (RCFL), and Yes Bank fraud case.
According to the ED, the newly attached assets include seven properties of Reliance Infrastructure Limited, two of Reliance Power Limited, and nine of Reliance Value Service Private Limited. The action also covers fixed deposits and investments held in the name of Reliance Value Service Private Limited, Reliance Venture Asset Management Private Limited, Phi Management Solutions Private Limited, Adhar Property Consultancy Private Limited, and Gamesa Investment Management Private Limited.
In a statement, Reliance Infrastructure Limited clarified that Rs 8,078 crore of the total attached value pertains to Reliance Communications Limited (RCOM), a company that has not been part of the Reliance Group since 2019. RCOM is currently under the Corporate Insolvency Resolution Process (CIRP), managed by a Resolution Professional appointed by the NCLT and supervised by a creditors’ committee led by the State Bank of India.
Both Reliance Infrastructure and Reliance Power asserted that their operations remain stable and focused on growth and value creation. Reliance Power added that it will take “all appropriate legal steps” to safeguard shareholder interests.
The ED earlier attached assets worth over Rs 8,997 crore linked to fraud cases involving RCOM, RCFL, and RHFL. Its ongoing investigation, based on FIRs registered by the CBI, alleges large-scale diversion of public funds. The agency claims that between 2017 and 2019, Yes Bank invested Rs 2,965 crore in RHFL and Rs 2,045 crore in RCFL, which later turned non-performing. It also alleges diversion of over Rs 13,600 crore for loan evergreening and Rs 12,600 crore to connected entities.
