New Delhi/Mumbai, Dec 5 (NationPress) The Enforcement Directorate (ED) announced on Friday that it has provisionally attached assets and properties linked to the Anil Ambani-led Reliance Group, amounting to Rs 10,117 crore as of now.

In its recent move, the financial watchdog attached more than 18 properties, fixed deposits, bank balances, and shares in unquoted investments related to the Reliance Anil Ambani Group in connection with the Rs 1,120 crore Reliance Home Finance Limited/Reliance Commercial Finance Limited/Yes Bank Fraud Case.

The properties seized include seven from Reliance Infrastructure Limited, two from Reliance Power Limited, and nine from Reliance Value Service Private Limited.

Additionally, fixed deposits in the names of Reliance Value Service Private Limited, Reliance Venture Asset Management Private Limited, Phi Management Solutions Private Limited, Adhar Property Consultancy Pvt Ltd, and Gamesa Investment Management Private Limited were also targeted, along with further investments made in unquoted assets.

According to a statement from Reliance Infrastructure Limited, out of the total amount mentioned, Rs 8,078 crore is attributed to Reliance Communications Limited, which has not been part of the Reliance Group since 2019 — a duration of more than six years.

“Reliance Communications is currently undergoing the Corporate Insolvency Resolution Process (CIRP) and is under the control of the Resolution Professional, supervised by the Hon’ble NCLT and its Committee of Creditors (CoC), which is led by the State Bank of India (SBI) along with a consortium of banks,” the company clarified.

Reliance Infrastructure Limited stated it continues to function normally and is fully dedicated to growth, operational excellence, and creating sustainable value for all stakeholders, including a community of over 700,000 shareholders.

In a separate statement, Reliance Power affirmed its commitment to normal operations and sustainable value creation for its over 4.3 million shareholders. The company stated, based on legal counsel, it will pursue all necessary actions to safeguard its shareholders' interests.

The ED had previously attached properties valued at over Rs 8,997 crore linked to the bank fraud cases involving Reliance Communications Ltd. (RCOM), Reliance Commercial Finance Ltd., and Reliance Home Finance Ltd.

“As a result, the cumulative group attachment has reached Rs 10,117 crore. The ED has uncovered fraudulent diversion of public funds by various entities of the Reliance Anil Ambani group, including Reliance Communications Ltd, Reliance Home Finance Ltd (RHFL), Reliance Commercial Finance Ltd (RCFL), Reliance Infrastructure Ltd (RIL), and Reliance Power Ltd (RHFL),” the financial investigation agency noted.

The ED indicated that between 2017 and 2019, Yes Bank invested Rs 2,965 crore in RHFL instruments and Rs 2,045 crore in RCFL instruments, which became non-performing by December 2019.

The outstanding amounts were Rs 1,353.50 crore for RHFL and Rs 1,984 crore for RCFL. The ED’s inquiries reveal that RHFL and RCFL received over Rs 11,000 crore in public funds.

The ED has also launched an investigation based on an FIR filed by the CBI under various sections of the Indian Penal Code, 1860, and the Prevention of Corruption Act, 1989, against RCOM, Anil Ambani, and others.

Specifically, RCOM and its associated entities are accused of misappropriating more than Rs 13,600 crore for loan evergreening, diverting over Rs 12,600 crore to related parties, and investing over Rs 1,800 crore in fixed deposits/mutual funds, which were largely liquidated to reroute funds to group entities, according to an ED statement.