In a major development in its ongoing money laundering investigation, the Enforcement Directorate (ED) has provisionally attached over 132 acres of land belonging to Dhirubhai Ambani Knowledge City (DAKC) in Navi Mumbai, Maharashtra. The property, valued at ₹4,462.81 crore, is linked to companies of the Anil Dhirubhai Ambani Group, the agency said in an official statement.
The attachment, carried out under the Prevention of Money Laundering Act (PMLA), is connected to alleged bank fraud cases involving Reliance Communications Ltd. (RCOM) and other Reliance Group entities.
Other Properties Attached Across India
Earlier in the day, the ED had also attached multiple properties, including a family residence in Mumbai’s upscale Pali Hill, the Reliance Centre in Delhi, and assets spread across at least eight Indian cities. These properties are connected to the ongoing investigation into the alleged diversion and laundering of public funds raised by Reliance Home Finance Limited (RHFL) and Reliance Commercial Finance Limited (RCFL).
With this latest move, the total value of assets attached in relation to Reliance Group companies now exceeds ₹7,500 crore.
Earlier attachments included 42 properties worth ₹3,083 crore linked to RCOM, RCFL, and RHFL, as part of the agency’s crackdown on suspected financial irregularities.
Reliance Infrastructure Responds: ‘No Impact on Operations’
In response to the ED’s action, Reliance Infrastructure Ltd. (R-Infra) issued a regulatory filing stating that the attachment has no impact on its business operations, employees, shareholders, or stakeholders.
The company also clarified that Anil Ambani has not been on the Board of Reliance Infrastructure Limited for more than 3.5 years, emphasizing that the company continues to function normally and independently.
The Case and Allegations
The ED’s probe originates from a Central Bureau of Investigation (CBI) case filed under Sections 120-B, 406, and 420 of the Indian Penal Code, along with Sections 13(1)(d) and 13(2) of the Prevention of Corruption Act. The FIR named Reliance Communications Ltd., Anil Ambani, and several others.
According to the ED, between 2010 and 2012, RCOM and its group companies obtained loans worth ₹40,185 crore from various domestic and foreign lenders. However, five banks later classified these accounts as fraudulent.
Investigators allege that funds borrowed by one entity were diverted to repay loans of other Reliance entities, routed to related parties, or invested in mutual funds, violating loan terms and misusing borrowed capital.
Findings from the ED Investigation
The agency’s preliminary findings point to large-scale financial irregularities:
- ₹13,600 crore allegedly diverted to evergreen old loans,
- ₹12,600 crore transferred to connected entities,
- ₹1,800 crore invested in fixed deposits and mutual funds, later rerouted to group companies.
Additionally, the ED has uncovered misuse of bill discounting facilities and siphoning of funds abroad through outward remittances, indicating a sophisticated pattern of fund diversion and concealment.
ED’s Stand and Next Steps
The Enforcement Directorate reaffirmed its commitment to tracking financial offenders and recovering proceeds of crime for rightful claimants.
“The ED remains committed to pursuing financial offenders and ensuring the restitution of proceeds of crime to rightful claimants,” the agency said in its statement.
The investigation into Reliance Group entities and related individuals remains ongoing, with further attachments and charges expected as the probe advances.