Reliance Communications Case: ED Increases Property Attachment

ED Attaches ₹3,716.83 Crore Pali Hill Property of Anil Ambani in RCOM Bank Fraud Case​

The Enforcement Directorate has provisionally attached a luxury residential property worth ₹3,716.83 crore in Mumbai’s Pali Hill area belonging to Anil Ambani in connection with the Reliance Communications Ltd bank fraud case, according to an official statement issued on Wednesday.

The property, known as ‘Abode’, has been attached under the provisions of the Prevention of Money Laundering Act, 2002.

Attachment Under PMLA in Reliance Communications Case​

The Enforcement Directorate Special Task Force at its headquarters carried out the provisional attachment as part of its ongoing investigation into alleged financial irregularities linked to Reliance Communications Ltd.

Earlier, a portion of the same Pali Hill property had been attached to the extent of ₹473.17 crore. With the latest action, the total attachment of properties linked to the Anil Ambani Group has crossed ₹15,700 crore, as per the agency’s statement.

CBI FIR Triggered ED Probe​

The investigation was initiated following a First Information Report filed by the Central Bureau of Investigation under Sections 120 B, 406 and 420 of the Indian Penal Code, 1860, along with Section 13(2) read with Section 13(1)(d) of the Prevention of Corruption Act, 1989.

The FIR named Reliance Communications Ltd, Anil Ambani, and others.

According to the statement, Reliance Communications and its group companies had availed loans from domestic and foreign lenders. Of these borrowings, a total of ₹40,185 crore remains outstanding.

RiseE Trust Structure Under Scrutiny​

The Enforcement Directorate stated that its investigation revealed that the Pali Hill property was aggregated into RiseE Trust, described as a private family trust of members of Anil Ambani’s family.

The agency alleged that this restructuring was carried out to create the appearance that Anil Ambani was not directly involved in the ownership of the property.

As per the statement, the intended effect of this corporate restructuring was wealth preservation and resource generation by placing the property under the RiseE Trust. The move was allegedly designed to shield the asset from personal liabilities arising from guarantees extended by Anil Ambani to lender banks for loans sanctioned to Reliance Communications.

The statement further noted that the property was intended to be beneficially used and owned by the Anil Ambani family and not for distressed public sector banks whose loans subsequently turned non performing assets.

Investigation Continues​

The Enforcement Directorate confirmed that further investigations in the Reliance Communications bank fraud case are ongoing.