Bank Fraud: ED attaches Rs 7,500-crore assets of Anil Ambani group

The ED provisionally attached over 132 acres of land in Dhirubhai Ambani Knowledge City (DAKC), Navi Mumbai, worth Rs 4,462.81 crore under the provisions of Prevention of Money Laundering Act, 2002. Earlier, the agency attached 42 properties worth over Rs 3,083 crore in the alleged bank fraud cases of Anil Ambani’s Reliance Communications Ltd (RCOM), Reliance Commercial Finance Ltd and Reliance Home Finance Ltd.

RCOM and its group companies had availed loans from domestic and foreign lenders from 2010-12 onwards, of which Rs 40,185 crore is outstanding. Five banks have declared the loan accounts as fraud.

Sources said the Reliance Centre in New Delhi and DAKC were RCOM’s assets. It had been undergoing the corporate insolvency resolution process for six years and its matters were sub judice before the NCLT and the SC, they said, adding that Anil Ambani served as a non-executive director on the board of RCOM and resigned from this position in 2019.