ED Attaches ₹3,034 Crore Worth of Assets in RCOM Loan Fraud Probe, Total Seizures Cross ₹19,000 Crore
ED Attaches ₹3,034 Crore Worth of Assets in RCOM Loan Fraud Probe, Total Seizures Cross ₹19,000 Crore
India’s financial enforcement landscape saw another major development as the Enforcement Directorate (ED) intensified its action in the loan fraud investigation linked to Reliance Communications (RCOM). On Tuesday, the agency confirmed it has provisionally attached assets valued at ₹3,034.90 crore, significantly expanding the scope of its ongoing probe.
Among the properties seized are a high-end residential flat located in Mumbai’s Usha Kiran Building, a farmhouse in Khandala near Pune, and a land parcel situated in Sanand, Ahmedabad. In addition to physical assets, the ED has also attached shares worth ₹7.71 crore in Reliance Infrastructure. These shares are held by Risee Infinity Pvt Ltd, a promoter group entity linked to Anil Ambani through the RiseE Trust.
Officials stated that the RiseE Trust was created as a private family structure aimed at consolidating and safeguarding wealth. According to the agency, this structure was allegedly used to shield assets from liabilities arising due to personal guarantees extended by Anil Ambani for loans taken by RCOM. The ED claims these assets were intended for the benefit of the Ambani family rather than for repayment to public sector banks whose loans eventually turned into non-performing assets (NPAs).
This latest move pushes the total value of assets attached in cases connected to the Reliance Anil Ambani Group (RAAG) to over ₹19,344 crore.
The investigation is being carried out under the provisions of the Prevention of Money Laundering Act (PMLA), 2002. The ED clarified that the provisional attachment is meant to prevent the disposal or diversion of assets and to protect the interests of lenders and the public.
The case originates from multiple FIRs registered by the Central Bureau of Investigation (CBI), based on complaints filed by major financial institutions. These include State Bank of India, Punjab National Bank, Bank of Baroda, and Life Insurance Corporation of India. The complaints named RCOM, Anil Ambani, and other associated entities.
According to the ED’s findings so far, RCOM and its group companies had borrowed extensively from both domestic and international lenders. The total outstanding debt is estimated at ₹40,185 crore.
The probe is also part of a wider investigation being monitored by a Special Investigation Team (SIT), which was set up following directions from the Supreme Court of India. The SIT is examining allegations related to diversion and laundering of public funds across multiple entities within the group.
A response from Anil Ambani’s representatives is still awaited regarding the latest action.
