THE JHARKHAND STORY DESK
New Delhi, Nov 3: The Enforcement Directorate (ED) has taken major action against Anil Ambani’s Reliance Group, provisionally attaching 40 properties worth ₹3,084 crore in connection with an alleged bank loan fraud case.
According to official information, the order was issued on October 31 under Section 5(1) of the Prevention of Money Laundering Act (PMLA).
The attached assets include Anil Ambani’s residence at Pali Hill in Bandra (West), Mumbai, as well as properties belonging to Reliance Centre in New Delhi and several assets located in Delhi, Noida, Ghaziabad, Mumbai, Pune, Thane, Hyderabad, Chennai (Kanchipuram), and East Godavari. These comprise office spaces, residential units, and land parcels.
Probe initiated after CBI FIRs
The alleged bank loan fraud came to light after the Central Bureau of Investigation (CBI) filed two FIRs accusing the group of cheating, embezzlement, and fraudulently obtaining loans from banks.
Following this, the ED launched a money-laundering probe focusing on loans extended by Yes Bank to Anil Ambani’s companies between 2017 and 2019, where significant irregularities were detected. Preliminary findings revealed a well-organized scheme to defraud banks, investors, and government institutions.
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Backdated documents and startling revelations
Investigations revealed that Yes Bank had sanctioned loans to the Reliance Anil Dhirubhai Ambani Group (RAAGA) between 2017 and 2019 without proper evaluation. Some amounts were allegedly routed through private firms to bank officials even before loan approvals were granted.
The probe found that documents such as Credit Approval Memorandums (CAM) were backdated, and no credit analysis or due diligence was conducted during the loan approval process.
Additionally, loans were transferred to shell companies sharing the same addresses, directors, and weak balance sheets — in some cases, even before formal approvals were issued.
Major irregularities found in RHFL; SEBI shared findings with ED
The Securities and Exchange Board of India (SEBI) also shared information with the ED concerning irregularities in Reliance Home Finance Limited (RHFL). Reports indicate that RHFL disbursed ₹3,742.60 crore in corporate loans during 2017–18, which increased to ₹8,670.80 crore in 2018–19.
