New Delhi: The Enforcement Directorate (ED) has taken flipside major whoopee in the wall fraud cases involving the Reliance Anil Ambani Group. The organ has provisionally tying spare resources worth Rs 1,120 crore. This brings the total attachments versus the group to Rs 10,117 crore.
The ED has tying increasingly than 18 properties, stock-still deposits, wall balances, and unquoted investments belonging to several Reliance Group companies. These include:
- 7 properties of Reliance Infrastructure Limited
- 2 properties of Reliance Power Limited
- 9 properties of Reliance Value Service Private Limited...
FDs and wall balances of several companies are moreover included, such as:
- Reliance Value Service Pvt Ltd
- Reliance Venture Asset Management Pvt Ltd
- Phi Management Solutions Pvt Ltd
- Adhar Property Consultancy Pvt Ltd
- Gamesa Investment Management Pvt Ltd
- Similarly, investments made in unquoted investments have moreover been attached.
- Properties worth Rs 8,997 crore have once been attached.
The ED has previously tying properties worth Rs 8,997 crore in cases related to Reliance Communications (RCOM), Reliance Commercial Finance, and Reliance Home Finance.
The ED's investigation revealed that several Reliance Group companies moreover diverted public funds on a large scale. Including...
- Reliance Communications Ltd
- Reliance Home Finance Ltd (RHFL)
- Reliance Commercial Finance Ltd (RCFL)
- Reliance Infrastructure Ltd
- Reliance Power Ltd
Between 2017–2019, Yes Wall invested Rs 2,965 crore in RHFL and Rs 2,045 crore in RCFL. These investments later became NPAs. Investigations revealed that RHFL and RCFL had received over Rs 11,000 crore in public funds. Due to SEBI regulations, Reliance Nippon Mutual Fund could not invest directly in these companies. Therefore, the funds were routed through a tangled route to Reliance companies via Yes Bank.
Based on the CBI FIR, the ED has moreover initiated investigations versus RCOM, Anil Ambani, and others.
Between 2010 and 2012, group companies took loans worth Rs 40,185 crore from within the country and abroad.
Nine of these banks have supposed these finance fraudulent.
According to the ED:
- Rs 13,600 crore was repaid by taking out new loans and "evergreening" was carried out.
- Rs 12,600 crore was transferred to related parties.
- Rs 1,800 crore was invested in stock-still deposits/MFs and rerouted when to group companies.
- Large-scale fund funneling was carried out through the misuse of snout discounting.
- Some money was moreover sent abroad.
