Anil Ambani ED Action: Anil Ambani, once among India’s richest people, is in trouble. The Enforcement Directorate (ED) has attached more than 40 properties belonging to his Reliance Group. These include his palatial home, “Abode,” located in Mumbai’s Pali Hill, which is considered one of the city’s most luxurious residences. The ED says this action is related to a money laundering and fund diversion case. The ED stated that the attachment was made under Section 5(1) of the PMLA (Prevention of Money Laundering Act). Properties worth a total of ₹3,084 crore have been seized. These include land, offices, and homes in major cities like Delhi, Mumbai, Chennai, Pune, Noida, Ghaziabad, and Hyderabad.
How luxurious is Anil Ambani’s “Abode”?
Anil Ambani’s home, “Abode,” located in Mumbai’s Pali Hill, has always been in the news. It is approximately 66 meters high and features luxury amenities such as a helipad, gym, swimming pool, lounge, and a car collection and display area for cars such as Rolls-Royce, Lexus, and Porsche. It is said that Anil Ambani wanted to build it 150 meters high, but was denied permission.
How did Anil Ambani get embroiled in the Yes Bank loan case?
The ED investigation revealed that between 2017 and 2019, Yes Bank provided loans worth approximately ₹3,000 crore to Reliance Group companies, but this money was subsequently transferred to other group companies and shell entities. According to the ED, the funds received by Reliance Home Finance (RHFL) and Reliance Commercial Finance (RCFL) from Yes Bank were not properly disbursed. The investigation revealed that some loans were applied, approved, and released in a single day. Field verification was not conducted. The companies’ documents were found to be blank or fraudulent. The ED described this as an “intentional control failure,” meaning it was done intentionally to avoid tracking the money.
What new findings have emerged from the ED investigation?
In its report, the ED stated that some Reliance Group companies transferred loans to shell companies, created multiple companies with the same address and directors, and resorted to loan evergreening by obtaining new loans to repay old ones. All of these activities fall under the category of money laundering. The ED is now gathering details of other properties associated with these companies.
The CBI has also filed an FIR
Before the ED, the CBI had already filed two FIRs in this case. Former Yes Bank CEO Rana Kapoor and several Reliance Group officials were named as accused in these cases. The CBI and ED are now working together to recover public funds.
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