Ambani's Reliance Group Faces Financial Freeze Amidst Laundering Probe

India's financial crime agency has frozen $853 million in assets belonging to Reliance Anil Ambani Group due to alleged money laundering. The investigation concerns loans totaling $569 million borrowed from YES Bank, which were allegedly diverted. The probe includes firms like Reliance Communications and other group entities.

India's financial crime agency has taken action against the Reliance Anil Ambani Group, freezing 75 billion rupees ($853 million) worth of assets amid a money-laundering investigation. The probe focuses on loans totaling 136 billion rupees allegedly diverted by the conglomerate's companies, notably Reliance Communications Ltd, through fraudulent financial practices.

Ownership issues arise as the group, overseen by Anil Ambani, faces scrutiny for allegedly siphoning off funds borrowed from YES Bank between 2017 and 2019. These loans, amounting to over $569 million, were reportedly misused through loan 'evergreening' and shell companies, implicating further economic implications.

As investigators uncover these financial misdeeds, transactions on various properties, including industrialist Anil Ambani's Mumbai residence, have been blocked. Moreover, allegations of bribes paid to YES Bank officials have surfaced, adding legal complexity to the ongoing investigation. The freezing of these assets marks significant progress in curbing financial malpractice.

(With inputs from agencies.)