ED attaches properties worth Rs 1,021 crore in RHFL, RCFL money laundering case

The Directorate of Enforcement (ED) has attached fresh properties worth Rs 1,021 crore in connection with the Reliance Home Finance Limited (RHFL) and Reliance Commercial Finance Limited (RCFL) case being investigated under the Prevention of Money Laundering Act (PMLA), 2002.

The attached properties include equity shares of Reliance Power Limited held by Reliance Infrastructure Limited and certain loan receivable from Sasan Power Limited and Reliance Power Limited.

The investigation was initiated on the basis of multiple FIRs registered by the CBI following complaints filed by several public and private sector banks.

According to the ED, its investigation has revealed that public funds amounting to Rs 15,548 crore, raised by RHFL and RCFL, were allegedly diverted through a network of shell and group companies controlled and managed by Reliance Anil Ambani Group.

The ED is currently probing multiple cases involving Reliance Anil Ambani Group under the provisions of the PMLA and the Foreign Exchange Management Act (FEMA).

So far, the agency has registered four Enforcement Case Information Reports (ECIRs) under the PMLA and three cases under FEMA. During the course of the investigation, it has conducted searches at more than 80 premises.

With the latest attachment of Rs 1,021 crore, the total value of properties attached in cases linked to Reliance Anil Ambani Group has reached Rs 20,367 crore under the PMLA.

Additionally, properties worth Rs 77.86 crore have been attached under the provisions of FEMA.

The ED has already filed four chargesheets in different cases under the PMLA and filed one complaint under the FEMA.

Eight senior officers and close associate of the Reliance Anil Ambani Group have been arrested so far under the PMLA. All of them are currently in judicial custody.

In compliance of the order of Supreme Court, the ED has constituted a special investigation team (SIT), which is currently probing the matter.