ED Attachments ₹1,120 Crore in Reliance Home Finance Case, Total Climbs to ₹10,117 Crore

The Enforcement Directorate has provisionally attached assets worth ₹1,120 crore in connection with an alleged fraud case involving Reliance Home Finance, Reliance Commercial Finance Limited and Yes Bank. The attached assets include more than 18 properties, fixed deposits, bank balances and shareholding in unquoted investments allegedly of the Reliance Anil Ambani Group. The list covers seven properties of Reliance Infrastructure Limited, two of Reliance Power Limited and nine of Reliance Value Service Private Limited, as well as fixed deposits in the name of Reliance Value Service Private Limited, Reliance Venture Asset Management Private Limited, Phi Management Solutions Private Limited, Adhar Property Consultancy Private Limited and Gamesa Investment Management Private Limited. It also includes further funds in the unquoted investments of Reliance Venture Asset Management Private Limited and Phi Management Solutions Private Limited, said a source. The ED had earlier attached properties worth over ₹8,997 crore in the alleged bank fraud cases of Reliance Communications Limited (RCom), Reliance Commercial Finance and Reliance Home Finance. The cumulative attachment related to the Group has now reached ₹10,117 crore. The ED alleged that it has detected fraudulent diversion of public money by various Reliance Anil Ambani Group companies including Reliance Communications, Reliance Home Finance Limited (RHFL), Reliance Commercial Finance Limited (RCFL), Reliance Infrastructure Limited and Reliance Power Limited. “During 2017-2019, Yes Bank invested ₹2,965 crore in RHFL instruments and ₹2,045 crore in RCFL instruments. By December 2019, these became non-performing investments. The outstanding was ₹1,353.50 crore for RHFL and ₹1,984 crore for RCFL. ED’s investigation in the case of RHFL and RCFL reveals that RHFL and RCFL received public funds of more than ₹11,000 crore,” it alleged.

Cover image source: ED attaches fresh assets worth over ₹1,100 crore in case against Anil Ambani’s Reliance Group 🔗

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