Ahmedabad: The Enforcement Directorate (ED) has provisionally attached assets worth ₹3,034.90 crore in connection with the Reliance Communications (RCOM) bank fraud case, taking the total value of attachments in cases linked to the Reliance Anil Ambani Group (RAAG) to over ₹19,344 crore.

Notably, the attached assets include a land parcel in Sanand near Ahmedabad, apart from high-value properties in Mumbai and Pune. The action has been taken under Section 5 of the Prevention of Money Laundering Act (PMLA), 2002, to prevent dissipation of assets and safeguard the interests of banks and the public.

The probe stems from multiple FIRs registered by the Central Bureau of Investigation (CBI), based on complaints filed by major lenders, including the State Bank of India, Punjab National Bank, Bank of Baroda, and the Life Insurance Corporation of India (LIC), against RCOM, Anil Dhirubhai Ambani, and others.

According to the ED, RCOM and its group entities had availed loans from domestic as well as foreign lenders, of which an outstanding amount of ₹40,185 crore remains unpaid.

Investigations have identified several assets belonging to the promoter group, including a flat in Usha Kiran Building in Mumbai, a farmhouse in Khandala (Pune), and the Sanand land parcel in Gujarat. In addition, 7.71 crore shares of Reliance Infrastructure, held by M/s Risee Infinity Pvt. Ltd., a group entity under the RiseE Trust umbrella, have also been attached.

The ED stated that the RiseE Trust was created for wealth preservation and resource aggregation, allegedly to shield assets from personal liabilities arising out of guarantees extended by Anil Ambani to lending banks. These properties, the agency said, were intended for the benefit of the Ambani family rather than for recovery by public sector banks after the loans turned non-performing assets (NPAs).

Under the provisions of the PMLA, confiscated assets may eventually be restored to legitimate claimants, including banks that suffered financial losses. The attachment aims to preserve asset value pending completion of legal proceedings, enabling recovery of public money.

The investigation is being carried out by a Special Investigation Team (SIT) constituted under the directions of the Supreme Court of India. Further investigation is ongoing. DeshGujarat