ED Seizes Anil Ambani's Rs 3,700 Crore Mumbai Mansion in Money Laundering Investigation
In a significant development, the Enforcement Directorate (ED) has dealt a major blow to industrialist Anil Ambani of the Reliance group. On Wednesday, the agency announced the provisional attachment of his luxurious residential property, known as 'Abode', located at Pali Hill in Mumbai. This property is valued at over Rs 3,700 crore and is linked to an ongoing money laundering case against Reliance Communications Ltd (RCOM).
Details of the Asset Attachment
The ED's Special Task Force, based at its headquarters, has taken this action under the provisions of the Prevention of Money Laundering Act (PMLA). According to the agency, the attached property is worth Rs 3,717 crore. This move follows an earlier partial attachment of the same property, which amounted to Rs 473 crore. With this latest seizure, the total value of assets attached against Anil Ambani and his group entities now exceeds a staggering Rs 15,700 crore.
Background of the Investigation
The ED is currently probing multiple money laundering cases involving Anil Ambani, his wife Tina Ambani, and other associates and entities within the Reliance group. Despite being summoned twice, they have not appeared before the agency earlier this month. The investigation stems from the RCOM case, where banks have reported a fraud of Rs 40,000 crore, including penalties and outstanding amounts. The agency stated that RCOM and its group companies availed loans from both domestic and foreign lenders, with a total outstanding amount of Rs 40,185 crore.
Allegations of Corporate Restructuring
During its investigation, the ED uncovered that the Pali Hill property was aggregated into the RiseE Trust, a private family trust of Anil Ambani's family members. The agency alleges that this restructuring was intended to create the appearance that Anil Ambani was not involved, thereby shielding the asset from his personal liabilities. Specifically, these liabilities include personal guarantees extended by him to lender banks against loans sanctioned to RCOM.
The ED further emphasized that the property was meant to be beneficially used and owned by the Anil Ambani family, rather than serving the interests of distressed public banks whose loans have turned into non-performing assets (NPAs).
ED's Commitment and Ongoing Probe
In a statement, the ED reiterated its commitment to safeguarding the financial system and protecting public funds by identifying and attaching assets involved in money laundering. The agency assured that further investigation is in progress to uncover more details in this high-profile case.
This development marks a critical juncture in the legal and financial challenges facing Anil Ambani and the Reliance group, highlighting the intensifying scrutiny by enforcement agencies.
