ED attaches ₹3,034 crore Anil Ambani Group assets in RCom bank fraud case
Synopsis
The ED has now attached over ₹19,344 crore in assets across Reliance Anil Ambani Group cases, with the latest ₹3,034.90 crore action targeting a Mumbai flat, a Khandala farmhouse, Ahmedabad land, and 7.71 crore shares in Reliance Infrastructure — all allegedly held in a private family trust designed to shield them from bank loan liabilities.
Key Takeaways
The ED provisionally attached assets worth ₹3,034.90 crore in the RCom bank fraud case on 28 April 2025 .
Total attachments across Reliance Anil Ambani Group (RAAG) cases now exceed ₹19,344 crore .
Attached assets include a flat in Usha Kiran Building, Mumbai , a Khandala farmhouse, land in Sanand, Ahmedabad , and 7.71 crore shares of Reliance Infrastructure Ltd .
RCom and group companies have an outstanding loan liability of ₹40,185 crore to domestic and foreign lenders.
The Ambani family stated the provisional attachment does not amount to guilt and will contest before the adjudicating authority.
A Supreme Court -mandated SIT is overseeing the broader RAAG investigation; further probe is ongoing.
The Enforcement Directorate (ED) has provisionally attached assets worth ₹3,034.90 crore belonging to the Reliance Anil Ambani Group (RAAG) in the Reliance Communications (RCom) Ltd bank fraud case, pushing the total attachment across RAAG-linked cases to over ₹19,344 crore, according to an agency statement issued on Tuesday, 28 April 2025. The action was taken under Section 5 of the Prevention of Money Laundering Act (PMLA) to prevent dissipation of assets and protect the interests of lender banks and the public.
Key Assets Attached
The latest round of attachments covers a range of high-value properties and financial instruments. These include a flat in the Usha Kiran Building, Mumbai, a farmhouse in Khandala, Pune, and a land parcel in Sanand, Ahmedabad — all identified as assets of the Promoter Group. Additionally, 7.71 crore shares of Reliance Infrastructure Ltd, held by M/s RiseE Infinity Pvt Ltd, a group entity under the RiseE Trust — described as a private family trust of Anil D. Ambani's family — were also attached.
According to the ED, the RiseE Trust was structured to preserve wealth and aggregate properties, effectively shielding them from the personal liabilities of Anil Ambani, including personal guarantees he extended to lender banks against loans sanctioned to RCom. The agency alleged that these properties were intended to benefit the Ambani family rather than the distressed public-sector banks whose loans turned non-performing assets (NPAs).
Background of the Investigation
The ED's investigation was initiated on the basis of multiple Central Bureau of Investigation (CBI) FIRs, registered on complaints filed by the State Bank of India (SBI), Punjab National Bank (PNB), Bank of Baroda, and the Life Insurance Corporation of India (LIC), against RCom, Anil D. Ambani, and others. The probe is being conducted by a Special Investigation Team (SIT) constituted on the directions of the Supreme Court, which is examining allegations of diversion and laundering of bank and public funds by the Reliance Anil Ambani Group.
RCom and its group companies had availed loans from domestic and foreign lenders, with a total outstanding amount of ₹40,185 crore, according to the ED.
Ambani Family's Response
In an official statement, the Ambani family pushed back against the ED's characterisation of certain assets. The family stated that the flat in the Usha Kiran Building and the Khandala farmhouse are legacy assets acquired over four decades ago. It also clarified that MICA — cited in the ED's proceedings — is an AICTE-recognised charitable educational institution that has been operating independently since 1991.
The family further noted that the shareholding of RiseE Infinity Pvt Ltd in Reliance Infrastructure Ltd has been publicly disclosed on stock exchanges since 2021, emphasising what it described as transparency in its financial dealings. It stressed that a provisional attachment does not amount to a finding of guilt, and that the parties concerned will present their response before the adjudicating authority within the prescribed legal timeframe.
Legal Framework and What Happens Next
Under Section 8 of the PMLA, confiscated property can be restored to legitimate claimants who suffered losses — in this case, the victim banks. The ED stated that the attachment is designed to preserve asset value so that, after due legal process, public money can be recovered and returned to the banks and ultimately the general public.
The agency reiterated its commitment to safeguarding the financial system and protecting public funds. Further investigation in the case is ongoing, the statement added. With total attachments now exceeding ₹19,344 crore across RAAG-linked cases, the trajectory of the Supreme Court-monitored SIT probe will be closely watched in the coming months.
Point of View
344 crore attachment figure is striking, but the more consequential detail is the RiseE Trust structure — the ED's allegation that a private family trust was deliberately used to ringfence assets from bank creditors goes to the heart of how promoter-linked wealth preservation can conflict with lender recovery rights. With ₹40,185 crore in outstanding loans and a Supreme Court-monitored SIT in place, this is no longer a routine PMLA action; it is a stress test for whether India's financial crime enforcement machinery can actually return public money to public institutions. The Ambani family's transparency defence — pointing to stock exchange disclosures since 2021 — is legally relevant but unlikely to resolve the core allegation of intent. The adjudicating authority's ruling will set a precedent for how family trusts are treated in future promoter fraud cases.
NationPress
1 May 2026
Frequently Asked Questions
What assets has the ED attached in the RCom bank fraud case?
The ED has provisionally attached assets worth ₹3,034.90 crore, including a flat in the Usha Kiran Building in Mumbai, a farmhouse in Khandala, Pune, land in Sanand, Ahmedabad, and 7.71 crore shares of Reliance Infrastructure Ltd held by RiseE Infinity Pvt Ltd. These are in addition to earlier attachments that bring the total across RAAG cases to over ₹19,344 crore.
What is the RiseE Trust and why is it significant?
The RiseE Trust is a private family trust of Anil Ambani's family, under which RiseE Infinity Pvt Ltd holds shares in Reliance Infrastructure Ltd. The ED alleges it was set up to aggregate and shield assets from Anil Ambani's personal loan guarantees to lender banks, effectively keeping them out of reach of creditors whose loans turned NPA.
How much does RCom owe to lenders?
RCom and its group companies have an outstanding loan amount of ₹40,185 crore owed to domestic and foreign lenders. The ED investigation was triggered by CBI FIRs filed on complaints from SBI, Punjab National Bank, Bank of Baroda, and LIC.
What is the Ambani family's response to the ED attachment?
The Ambani family stated that the Mumbai flat and Khandala farmhouse are legacy assets acquired over four decades ago, and that RiseE Infinity's shareholding in Reliance Infrastructure has been publicly disclosed since 2021. It emphasised that a provisional attachment does not constitute a finding of guilt and said it will respond before the adjudicating authority within the legal timeframe.
What happens to the attached assets after the legal process?
Under Section 8 of the PMLA, if the attachment is confirmed, confiscated property can be restored to legitimate claimants who suffered losses — primarily the lender banks. The ED stated the goal is to preserve asset value so public money can be recovered and returned to banks and the general public after due legal process.
