Government Hands Reliance Anil Ambani Group Probe to SFIO as ED Attaches Rs 7,500 Crore in Assets

Overview

• The Ministry of Corporate Affairs has referred its preliminary findings to the Serious Fraud Investigation Office to examine alleged diversion of funds and fix senior-management accountability across key Reliance entities.
• The Enforcement Directorate last week attached assets valued at nearly Rs 7,500 crore, including more than 132 acres at Dhirubhai Ambani Knowledge City in Navi Mumbai, a Pali Hill residence in Mumbai, and the Reliance Centre in New Delhi.
• ED officials said the attachments also cover 30 properties of Reliance Infrastructure and holdings linked to Adhar Property Consultancy, Mohanbir Hi-tech Build, Gamesa Investment Management, Vihaan43 Realty and Campion Properties.
• The ED’s case focuses on loans raised by Reliance Communications and group companies between 2010 and 2012, citing total dues of Rs 40,185 crore and noting that five banks have declared the accounts fraudulent.
• Investigators allege at least Rs 13,600 crore was siphoned through layered transactions, including overseas transfers and debt evergreening; earlier raids targeted Anil Ambani’s premises, and a senior finance executive was arrested, while Reliance Infrastructure says operations remain unaffected and that Anil Ambani is not on its board.