ED attaches Rs 1,452-cr assets linked to RCom fraud; Total attachments near Rs 9,000 crore

The Enforcement Directorate (ED) has provisionally attached properties worth ₹1,452.51 crore in connection with its money-laundering probe into the alleged bank fraud by Reliance Communications, or RCom, and its group entities. The action was carried out by the agency’s Special Task Force at its headquarters under provisions of the Prevention of Money Laundering Act (PMLA), 2002.

The attached assets include multiple buildings located in Dhirubhai Ambani Knowledge City (DAKC) and Millennium Business Park in Navi Mumbai, along with land parcels and buildings in Pune, Chennai and Bhubaneswar.

This latest action takes the cumulative value of ED’s attachments in RCom-related bank fraud cases to ₹8,997 crore. The agency had earlier attached assets worth over ₹7,545 crore in cases linked to RCom, Reliance Commercial Finance Ltd. and Reliance Home Finance Ltd.

The ED initiated its investigation based on an FIR registered by the CBI against RCom, Anil Ambani and others under various sections of the Indian Penal Code and the Prevention of Corruption Act. According to investigators, RCom and its group companies had availed domestic and foreign loans between 2010 and 2012, with outstanding dues currently standing at ₹40,185 crore. Nine banks have declared the group’s loan accounts as fraud.

The ED’s forensic analysis has revealed large-scale diversion of funds. Loans taken by one group company were allegedly used to repay borrowings of other entities, transferred to related parties, or invested in mutual funds in violation of loan conditions. The agency found that over ₹13,600 crore was diverted for evergreening of loans, ₹12,600 crore was routed to connected parties, and more than ₹1,800 crore was invested in fixed deposits and mutual funds—subsequently liquidated and rerouted within the group. Misuse of bill discounting mechanisms and siphoning of funds abroad through foreign remittances were also detected.

The ED said it remains committed to pursuing financial crime cases and securing proceeds of crime for rightful claimants. Further investigation is underway.

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