ED Attaches ₹1,885 Crore in Assets Linked to Anil Ambani Group in Ongoing Bank Fraud Probe
- REEDLAW
- 22 hours ago
- 2 min read
REEDLAW Legal News Network reports: In a significant enforcement action, the Directorate has provisionally attached assets worth approximately ₹1,885 crore in connection with an ongoing investigation into alleged bank fraud and diversion of public funds by a major corporate group. The attached assets include bank balances, receivables, equity holdings, and immovable properties, secured pending adjudication under the Prevention of Money Laundering Act.
The attachment orders were issued through multiple proceedings linked to investigations involving finance and telecom entities of the group and transactions connected with a private sector bank. With the latest action, the cumulative value of assets attached in related matters has reached nearly ₹12,000 crore, including earlier provisional attachments exceeding ₹10,000 crore.
The Directorate stated that the attached properties include shareholdings in power distribution and infrastructure entities, bank balances and receivables held by a group-linked finance entity, and certain movable and immovable assets registered in the names of senior employees associated with the group.
According to the agency, the investigation concerns allegations of fraudulent diversion of public funds through a structured financing arrangement involving bank investments in group finance companies. The Directorate has alleged that regulatory restrictions prevented direct investment by certain mutual fund schemes, leading to funds being routed through intermediary exposures, ultimately benefiting group entities.
The enforcement authority further noted that the group and its companies had availed substantial loans from domestic and international lenders, with significant outstanding dues and multiple accounts reportedly classified as fraudulent by lending banks. Allegations include diversion of funds for evergreening of loans, transfers to connected parties, and investments in financial instruments. The investigation remains ongoing.
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