Overview
- The Enforcement Directorate issued a provisional attachment on Saturday for assets worth Rs 1,021 crore, including equity shares of Reliance Power held by Reliance Infrastructure and loan receivables from Sasan Power and Reliance Power.
- With this action the ED says total provisional PMLA attachments in cases linked to the Reliance Anil Ambani Group have reached Rs 20,367 crore and FEMA attachments stand at Rs 77.86 crore.
- The probe began from multiple CBI FIRs filed by banks and the ED currently has four PMLA cases and three FEMA cases open, has searched more than 80 premises, filed four prosecution complaints, and arrested eight senior officers or close associates who are in judicial custody.
- The agency alleges that Rs 15,548 crore raised by Reliance Home Finance and Reliance Commercial Finance was diverted through shell and group companies controlled by the group, a claim the ED describes as developing pending further legal process.
- The provisional attachments and the SIT process could affect creditors, ongoing insolvency and recovery proceedings and market perceptions of the group, while the Reliance Anil Ambani Group denies wrongdoing and says it is cooperating with investigators.