ED attaches Anil Ambani Group properties worth Rs 3,000 crore; round-tripping of laundered funds

NEW DELHI: Stepping up its money laundering probe against Anil Ambani and his Reliance group, ED on Friday attached properties worth more than 3,000 crore, which included Ambani's Pali Hill house in Bandra in Mumbai and other flats, plots and offices of Reliance Communication and Reliance Infrastructure Ltd in Delhi, Noida, Mumbai, Goa, Pune, Hyderabad and Chennai among other cities.

Asked for its reaction, Anil Ambani's Reliance group did not comment. According to sources, the Reliance Centre, Ambani's office at Hotel Ranjit in Delhi, is among several properties attached by ED in lieu of alleged diversion of bank funds of more than 20,000 crore.

According to sources, the Reliance Centre, Ambani's office at Hotel Ranjit in the heart of Delhi - spread over more than three acres at Maharaja Ranjit Singh Marg, located between Ramlila Ground and Ranjit Singh flyover - is among the several properties attached by the central agency in lieu of alleged diversion of bank funds to the tune of more than 20,000 crore.

Sources said ED in its attachment order has alleged that Ambani group entities indulged in diversion of bank funds, which were further lent to shell companies and wholly owned subsidiaries of the group with an intention to siphon off the proceeds. "Substantial portions of corporate loans ultimately landed in accounts of Reliance group companies," sources said, hinting at round-tripping of the laundered funds. More attachments are likely to follow in the weeks ahead.

Since July, ED has carried out multiple searches on Ambani, his associates and group entities, including at his Mumbai residence. He was also summoned and questioned at ED's headquarters in Delhi on Aug 5.

ED's investigation under the Prevention of Money Laundering Act is based on two FIRs registered by CBI against Ambani and his entities for alleged bank loan frauds. Ambani has already been put under a travel ban, and cannot go out of the country. His close aide Angarai Sethuraman is among a number of his close associates already grilled by ED.

Reliance Communication, the group entity of Ambani which owns the Reliance Centre office at Maharaja Ranjit Singh Marg in Delhi, is under investigation for alleged diversion of more than 13,600 crore of funds.

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