ED attaches Rs 3,034 crore of assets in RAAG money-laundering probe against Reliance Communications

RCOM and its group companies reportedly had outstanding loans totaling Rs 40,185 crore, according to the ED.

The money laundering case stems from CBI FIRs registered on the basis of complaints from State Bank of India, Punjab National Bank, Bank of Baroda and Life Insurance Corporation of India against Reliance Communications, Anil Ambani and others.

The spokesperson said MICA is an AICTE-recognised charitable educational institution operating since 1991, and that the shareholding of Risee Infinity Pvt Ltd has been publicly disclosed on the stock exchange since 2021.

The RAAG spokesperson stated that some attached properties belong to Kokilaben D Ambani, Anil Ambani's mother, and that the Usha Kiran and Khandala properties are legacy family assets acquired about four decades ago.

With the latest action, the total attachment of properties in the RAAG cases stands at Rs 19,344 crore.

The ED noted that restitution of assets to the victims (lender banks and financial institutions) is available under Section 8 of the PMLA.

ED said RiseE Trust was established to preserve wealth and aggregate properties within the Trust to shield Anil Ambani from personal liabilities tied to lender banks, with properties intended to be used by the Ambani family.

The attachment includes 7.71 crore shares of Reliance Infrastructure Ltd, held by Risee Infinity Pvt Ltd, a group entity of Anil Ambani under the RiseE Trust umbrella.

A land parcel in Ahmedabad's Sanand area, in the name of Mudra Foundation for Communications Research and Education (MICA), was attached.

A farmhouse in Khandala, Pune, held in the name of Jai Anshul Ambani and Luna Trust, was attached.

A Mumbai flat belonging to Anil Ambani, located in Usha Kiran Building at Cumballa Hill in South Mumbai, was attached.

The Enforcement Directorate said it has provisionally attached assets worth Rs 3,034 crore in a bank fraud and money-laundering probe involving Reliance Communications and the Reliance Anil Ambani Group to prevent dissipation and protect banks and the public.