The Enforcement Directorate on Tuesday said it has attached assets worth ₹510 crore, including two aircraft, as part of an alleged bank fraud-linked money laundering investigation against the Reliance Anil Ambani Group (RAAG).
The probe is related to allegations against Reliance Home Finance Limited (RHFL)/Reliance Commercial Finance Ltd. (RCFL) of ₹263.05 crore fraud and against Reliance Communication Ltd. (RCOM) for ₹247.12 crore fraud.
A provisional order has been issued under the Prevention of Money Laundering Act (PMLA) to attach the properties worth ₹510 crore, it said.
In the RCOM case, the attached assets include 2 chartered aircraft, 6 land parcels and an office premise in Maharashtra, the ED said in a statement.
In the RHFL/ RCFL case, two wind mills in Tamil Nadu, bank balances, fixed deposits and investments have been attached, it added.
The aircraft are a Dassault Falcon 2000 and an Embraer.
The agency claimed its probe found that the Group was involved in siphoning off public funds from banks and financial institutions, misuse of IBC (Insolvency and Bankruptcy Code) law to fraudulently ring-fence corporate assets for personal use and diversion of public funds from India to offshore tax havens.
“A large part was utilised for the individual benefit of the promoters and their family,” the agency alleged.
The ED has arrested 10 individuals in these cases and filed six chargesheets apart from initiating a separate probe under the Foreign Exchange Management Act (FEMA).
With the latest order, the total attachment and seizure of assets in this case stands at ₹23,100 crore.
