Mumbai: The Enforcement Directorate (ED) has taken major whoopee under the Prevention of Money Laundering Act (PMLA). Reports indicate that the ED has seized Anil Ambani's Mumbai residence, "Abode." The seized residence is unscientific to be worth 3,716 crore. According to the ED, the total zipper proceedings versus Anil Ambani and his group of companies have exceeded 15,000 crore. On February 23, the Bombay High Court, in a setback for industrialist Anil Ambani, set whispered a single-judge seat order that had stayed the freezing of his and Reliance Communications Limited's wall finance as "fraudulent."
What did the Bombay High Court say?
A semester seat comprising Chief Justice Chandrashekhar and Justice Gautam A. Ankhad passed this order on a petition filed by Wall of Baroda, IDBI Bank, Indian Overseas Bank, and auditor BDO India LLP. The seat vacated the "perverse" and "illegal" interim order and rejected Ambani's request to stay the proceedings.
The seat said, "As we have once heard that the interim order dated December 24, 2025, is illegal and the process is flawed, the request for a stay on the operation of this order for the next few weeks would value to standing the illegal order and perpetuating illegal activities. Therefore, Anil Ambani's request for a stay on the operation of this order is rejected."
What is the specimen against Anil Ambani?
In December 2025, while the specimen versus Anil Ambani was pending, a single-judge seat of Justice Milind N. Jadhav granted him temporary relief. This order stayed all deportment by the three banks and prevented them from proceeding with the show-cause notice and fraud order, forcing him to request surpassing a two-judge bench.
According to the Reserve Wall of India (RBI) guidelines on fraud nomenclature and reporting by commercial banks and unrepealable financial institutions, banks can classify an worth as fraudulent.
