Enforcement Directorate's Clampdown: Anil Ambani's Reliance Group Under Scrutiny

The Enforcement Directorate has intensified its investigation into Anil Ambani's Reliance Group, attaching assets worth Rs 1,800 crore. This brings the total to Rs 12,000 crore in cases of alleged money laundering and fraud, involving companies like Reliance Home Finance and Reliance Commercial Finance.

Anil Ambani's Reliance Group faces intensified scrutiny as the Enforcement Directorate (ED) clamps down with asset attachments worth over Rs 1,800 crore, escalating the probe to a total of Rs 12,000 crore. The ED's measures are tied to alleged money laundering activities concerning multiple Reliance companies.

The federal probe agency released a statement mentioning the issuance of four provisional orders under the Prevention of Money Laundering Act, aiming at bank deposits, unquoted investments, and immovable properties. These actions relate to alleged infringements by Reliance's various financial arms and a major 'fraud' involving Yes Bank.

Investigations reveal Yes Bank's extensive investments in Reliance companies from 2017 to 2019, which turned disadvantageous by late 2019. Public funds exceeding Rs 11,000 crore are said to be involved, with alleged fraudulent diversions by Reliance entities. The ED's extensive investigation covers foreign remittances and loan misuse, highlighting significant financial mismanagement.

(With inputs from agencies.)