Overview
- Four provisional attachment orders dated October 31 under Section 5(1) of the PMLA cover more than 40 properties, including the Reliance Centre in New Delhi and sites across Delhi, Noida, Ghaziabad, Mumbai, Pune, Thane, Hyderabad, Chennai and East Godavari.
- ED says Yes Bank invested Rs 2,965 crore in RHFL and Rs 2,045 crore in RCFL during 2017–2019, with those exposures turning non-performing by December 2019 and Rs 1,353.5 crore and Rs 1,984 crore outstanding respectively.
- Investigators allege public money was routed to group-linked entities by bypassing SEBI conflict-of-interest rules and that lending featured intentional control failures such as same-day sanction and disbursal, blank or undated documents and inadequate security.
- The agency has also intensified a related probe into Reliance Communications, alleging loan evergreening and diversion of about Rs 13,600 crore, most of it to connected parties and some parked in fixed deposits and mutual funds.
- Parallel CBI cases and SEBI actions form the backdrop to the ED’s fund-tracing, and the Reliance Group has denied wrongdoing and disputed reported figures.