ED seizes assets worth Rs 1,120 crore from Anil Ambani group

NEW DELHI: The Enforcement Directorate (ED) seized more properties of Reliance Group Chairman Anil Ambani in a money laundering case. With the seizure of properties worth Rs 1,120 crore on Friday, the total value of assets seized by the ED from the Ambani group reached Rs 10,117 crore. Anil Ambani was earlier questioned by the ED in a case of fraud of over Rs 17,000 crore.

Seven properties of Reliance Infrastructure Limited, two properties of Reliance Power Limited, nine properties of Reliance Value Services Private Limited, fixed deposits in the name of Reliance Value Services Private Limited, investments of Reliance Venture Asset Management Private Limited, Aadhar Property Consultancy Private Limited, Gamesa Investment Management Private Limited, and Fi Management Solutions Private Limited were attached.

Companies under Anil Ambani, including Reliance Infrastructure, are alleged to have defrauded over Rs 17,000 crore by taking loans from various banks. The ED is also investigating whether bribes were paid to bank promoters to sanction the loans.

Meanwhile, in October, investigative news portal Cobrapost released a report against Anil Ambani's company, ADA Group. It is alleged that a financial fraud of Rs 28,874 crore was committed since 2006. It was found that the money transferred to various shell companies was used by Anil Ambani to lead a luxurious life. Journalists from Cobrapost had alleged in a press conference held at the Press Club of India that Anil had received investments of Rs 13,048 crore from abroad. Cobrapost had also released information about the luxury yacht used by Anil Ambani.