Daijiworld Media Network - New Delhi

New Delhi, Jul 11: The Enforcement Directorate (ED) on Saturday announced the attachment of properties worth Rs 1,021 crore in connection with its money laundering investigation involving Reliance Home Finance Limited (RHFL) and Reliance Commercial Finance Limited (RCFL). With the latest action, the total value of assets attached in cases linked to the Reliance Anil Dhirubhai Ambani Group has risen to Rs 20,367 crore under the Prevention of Money Laundering Act (PMLA).

According to the agency, the investigation was launched on the basis of multiple FIRs registered by the Central Bureau of Investigation (CBI) following complaints filed by several public and private sector banks.

The ED alleged that its investigation has uncovered the diversion of Rs 15,548 crore in public funds raised by RHFL and RCFL through a network of shell entities and group companies allegedly controlled by the Reliance Anil Ambani Group.

The agency said the newly attached assets include equity shares of Reliance Power Limited held by Reliance Infrastructure Limited, along with certain outstanding loan receivables from Sasan Power Limited and Reliance Power.

The ED is currently investigating multiple cases involving the Reliance Anil Ambani Group under the provisions of both the Prevention of Money Laundering Act (PMLA) and the Foreign Exchange Management Act (FEMA).

Officials said four Enforcement Case Information Reports (ECIRs) have been registered under the PMLA, while three separate cases are being investigated under FEMA. As part of the probe, investigators have conducted searches at more than 80 locations.

Besides the PMLA attachments amounting to Rs 20,367 crore, the agency has also attached properties worth Rs 77.86 crore under FEMA.

The ED further stated that eight senior executives and close associates linked to the Reliance Anil Ambani Group have been arrested during the investigation. According to the agency, all of them are currently in judicial custody.

A Special Investigation Team (SIT) has been constituted by the ED to expedite the ongoing investigation.

Earlier this week, the agency carried out searches at the premises of E-Complex Private Limited and the residence of one of its directors. During the raids, investigators reportedly recovered documents and records relating to suspicious financial transactions, immovable assets and other evidence that the agency claims are connected to the ongoing bank fraud investigation involving the Reliance Anil Ambani Group.