ED provisionally attaches Reliance Group assets in money laundering probe

Reliance Communications Limited (RCOM) and its wholly-owned subsidiary, Reliance Realty Limited (RRL), have received a provisional attachment order from the Directorate of Enforcement (ED) for assets valued at ₹1,452.51 crore. This action, under the Prevention of Money Laundering Act, 2002, stems from allegations of fraudulent misuse of credit facilities by the Reliance Anil Dhirajlal Ambani Group (RAAG), causing a wrongful loss of ₹2,929.05 crore to State Bank of India (SBI).

The attached assets include RCOM's commercial and industrial properties in Bhubaneswar, Chennai, and Pune, as well as RRL's buildings and infrastructure in Dhirubhai Ambani Knowledge City, Navi Mumbai. The provisional attachment order is effective for 180 days to prevent further alienation of these properties.

Investigation revealed that RAAG allegedly diverted and dissipated funds from various bank loans, totaling ₹40,185.55 crore, for purposes inconsistent with sanction terms, including repayment of other loans, investments in mutual funds, and foreign remittances. The ED believes RCOM is the effective owner of RRL's assets, and this action aims to safeguard the proceeds of crime.