New Delhi, March 12 (NationPress) The Enforcement Directorate announced on Thursday that it has seized additional properties valued at over Rs 581 crore from companies within the Anil Ambani Group, specifically Reliance Home Finance Limited (RHFL) and Reliance Commercial Finance Limited (RCFL).

An order was issued on March 11, commanding the attachment of land parcels located in states including Goa, Kerala, Karnataka, Punjab, Tamil Nadu, Uttar Pradesh, Haryana, Jharkhand, Maharashtra, Delhi, West Bengal, Andhra Pradesh, and Rajasthan, according to a statement from the ED.

The properties, totaling Rs 581.65 crore, are linked to both RHFL and RCFL, the agency clarified.

According to the statement, this attachment stems from search operations executed on March 6 concerning the case against Reliance Power Limited under the Foreign Exchange Management Act (FEMA).

The investigation was initiated based on a CBI FIR against RCFL and RHFL, following allegations from Yes Bank, Union Bank of India, and Bank of Maharashtra.

It was discovered that both companies amassed public funds from a variety of banks and financial institutions, with over Rs 11,000 crore of these funds categorized as non-performing assets, as reported by the ED.

Previously, the ED had seized assets worth more than Rs 15,729 crore related to bank fraud cases involving RCFL, RHFL, and RCOM. The total value of assets attached from the Reliance Anil Ambani Group has now reached Rs 16,310 crore, according to the agency.

Additionally, during the search operations conducted under PMLA and FEMA, assets amounting to Rs 2.48 crore were confiscated in the form of fixed deposits, mutual funds, and cash. The ED also seized balances from 13 bank accounts held by Reliance Infrastructure Limited (R-INFRA) totaling Rs 77.86 crore under Section 37A of FEMA, the statement elaborated.

The investigation revealed that public funds obtained by RHFL and RCFL were misappropriated to various companies within the Reliance Group, including Reliance Infrastructure Limited, Reliance Power Limited, Reliance Communications Limited, and Reliance Capital Limited. These funds were funneled through numerous shell entities under the control of the Reliance Anil Ambani Group, which possessed minimal financial strength and lacked legitimate business operations. The investigation has uncovered malicious intent from the group’s promoters and key individuals.

The ED has identified the method employed for misappropriating public funds across various entities and components of the group. The attached assets are seen as indicative of the Proceeds of Crime, as per the statement.

Further investigations are ongoing, as noted in the statement.