The Enforcement Directorate issued provisional attachment orders targeting Rs 510 crore in assets under the Prevention of Money Laundering Act. In the Reliance Communications case, the seizure included six land parcels, an office property in Maharashtra, and two chartered aircraft, specifically a Dassault Falcon 2000 and an Embraer. Meanwhile, actions concerning the finance subsidiaries targeted bank balances, fixed deposits, investments, and two windmills in Tamil Nadu. The probe is running alongside a separate inquiry under the Foreign Exchange Management Act.
Key points
The agency accused company promoters of diverting public bank funds to offshore tax haven…: The agency accused company promoters of diverting public bank funds to offshore tax havens for personal benefit.
Investigators allege the group improperly used the Insolvency and Bankruptcy Code to prot…: Investigators allege the group improperly used the Insolvency and Bankruptcy Code to protect corporate assets from creditors.
A parallel probe has been officially initiated under the Foreign Exchange Management Act…: A parallel probe has been officially initiated under the Foreign Exchange Management Act alongside the money laundering cases.
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NEW DELHI: The
Enforcement Directorate (ED) on Tuesday attached assets worth Rs 510 crore including two private aircraft as part of its money laundering investigation into alleged bank fraud involving the Reliance Anil Ambani Group (RAAG).
The agency said the action was linked to alleged fraud involving Reliance Home Finance Ltd (RHFL) and Reliance Commercial Finance Ltd (RCFL), amounting to Rs 263.05 crore, and Reliance Communications Ltd (RCOM), involving Rs 247.12 crore.
The ED has issued a provisional attachment order under the Prevention of Money Laundering Act (PMLA), covering properties worth Rs 510 crore.
In the RCOM case, the attached assets include two chartered aircraft, six land parcels and an office premises in Maharashtra, the ED said in a statement.
The two aircraft are a Dassault Falcon 2000 and an Embraer.
The two aircraft are a Dassault Falcon 2000 and an Embraer.
In the RHFL and RCFL case, the agency has attached two windmills in Tamil Nadu, along with bank balances, fixed deposits and investments.
The agency claimed its investigation found that the group had siphoned off public funds from…
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