ED has provisionally attached over 18 properties, Fixed Deposits, Bank Balance and Shareholding in Unqouted Investments of Reliance Anil Ambani Group worth Rs.1,120 Crore i
ED has provisionally attached over 18 properties, Fixed Deposits, Bank Balance and
Shareholding in Unqouted Investments of Reliance Anil Ambani Group worth Rs.1,120
Crore in Reliance Home Finance Limited/Reliance Commercial Finance Limited/Yes Bank
Fraud Case.
The provisionally attached properties comprises of 7 properties of Reliance Infrastructure
Limited, 2 properties of Reliance Power Limited, 9 properties of Reliance Value Service
Private Limited, Fixed Deposits in the name of Reliance Value Service Private Limited,
Reliance Venture Asset Management Private Limited, M/s Phi Management Solutions
Private Limited , M/s Adhar Property Consultancy Pvt Ltd:, M/s Gamesa Investment
Management Private Limited and Further Investments made in Unquoted Investment by
Reliance Venture Asset Management Private Limited and M/s Phi Management Solutions
Private Limited.
ED Uncovers ₹10,117 Cr Fraud in Reliance Anil Ambani Group
It may be recalled that ED had earlier attached properties worth over Rs. 8,997 Crore in
the bank fraud cases of Reliance Communications Ltd. (RCOM), Reliance Commercial
Finance Ltd., and Reliance Home Finance Ltd. Therefore, Cumulative Group
Attachment reached Rs 10,117 Crore.
ED has detected fraudulent diversion of public money by various Reliance Anil Ambani
group companies including Reliance Communications Ltd, Reliance Home Finance Ltd
(RHFL), Reliance Commercial Finance Ltd (RCFL), Reliance Infrastructure Ltd (RIL) &
Reliance Power Ltd (RHFL).
ED Probes ₹11,000 Cr Public Fund Diversion to Reliance Firms
During 2017–2019, Yes Bank invested Rs. 2,965 Crore in RHFL instruments and ₹2,045
crore in RCFL instruments. By December 2019, these became non-performing
investments. The outstanding was Rs. 1,353.50 Crore for RHFL and Rs.1,984 Crore for
RCFL. ED’s investigation in the case of RHFL and RCFL reveals that RHFL and RCFL
received public funds of more than Rs. 11,000 Crore. Before Yes Bank invested this money
in Reliance Anil Ambani group companies, Yes Bank had received huge funds from
erstwhile Reliance Nippon Mutual Fund. As per SEBI regulations, Reliance Nippon Mutual
Fund could not invest/divert funds directly in Anil Ambani group finance companies due to
conflict-of-interest rules. Therefore, public money in mutual fund schemes was routed
indirectly by them. The path ran through Yes Bank’s exposures. The public funds reached
Anil Ambani group companies through circuitous route.
ED Investigates ₹40k Cr Loan Fraud Linked
ED has also initiated investigation on the basis of FIR registered by CBI under various
Sections of Indian Penal Code, 1860 and Prevention of Corruption Act, 1989 against
RCOM, Anil Ambani and others. RCOM and its group companies availed loans from
domestic and foreign lenders starting in 2010 through 2012. A total amount of Rs.
40,185 Crore is outstanding. 9 banks have declared the loan accounts of
the Group as fraud.
ED investigation revealed that one entity took loans from one bank.The borrowers used these loans to repay loans taken by other entities from other banks. They also transferred the funds to related parties and invested them in mutual funds . This was in contravention to the terms and conditions of the sanction letter of the loans. In particular, RCOM and its group companies diverted over Rs. 13,600 Crore for evergreening of loans; over Rs. 12,600 Crore was diverted to connected parties and over Rs. 1,800 Crore was invested in FDs/MFs etc., which was substantially liquidated for rerouting to group entities.
ED has detected huge misuse of bill discounting to funnel funds to connected parties. It also found that certain loans were siphoned out of India through foreign outward remittances. ED is actively pursuing the perpetrators of these financial crimes and remains committed to ensuring restitution.
Proceeds of Crime to their rightful claimants.
Further investigation is under progress.
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