New Delhi [India], December 5 (ANI): The Enforcement Directorate (ED) on Thursday mentioned it has hooked up contemporary belongings price Rs 1,120 crore belonging to the Reliance Anil Ambani Group in reference to the alleged fraud involving Reliance Home Finance Limited (RHFL), Reliance Commercial Finance Limited (RCFL) and Yes Bank.
The hooked up belongings embody greater than 18 properties, mounted deposits, financial institution balances and unquoted shareholdings. Among the properties seized are seven belongings of Reliance Infrastructure Limited, two belongings of Reliance Power Limited, and 9 belongings of Reliance Value Services Private Limited. Fixed deposits and investments linked to Reliance Value Service Pvt Ltd, Reliance Venture Asset Management Pvt Ltd, Phi Management Solutions Pvt Ltd, Adhar Property Consultancy Pvt Ltd, and Gamesa Investment Management Pvt Ltd have additionally been hooked up.
With this motion, the cumulative worth of belongings seized from the group now stands at Rs 10,117 crore, the ED mentioned.
Earlier, the company had hooked up properties price Rs 8,997 crore in reference to financial institution fraud instances involving Reliance Communications (RCOM), RHFL and RCFL.
According to the ED, investigations have revealed large-scale diversion of public cash by group firms, together with RCOM, RHFL, RCFL, Reliance Infrastructure and Reliance Power. The company acknowledged that between 2017 and 2019, Yes Bank invested Rs 2,965 crore in RHFL and Rs 2,045 crore in RCFL devices, which later grew to become non-performing belongings.
The probe additional alleges that over Rs 11,000 crore of public cash was funnelled via mutual fund investments and Yes Bank lending, circumventing SEBI conflict-of-interest guidelines.
ED maintains that the funds reached the businesses via a ‘circuitous route’ involving Reliance Nippon Mutual Fund and Yes Bank.
Separately, ED is probing a Central Bureau of Investigation FIR filed towards RCOM, Anil Ambani and associates relating to loans price Rs 40,185 crore taken between 2010 and 2012. ‘Nine banks have declared these accounts fraudulent.’
The company claims over Rs 13,600 crore was diverted for mortgage evergreening, Rs 12,600 crore was despatched to related entities, and greater than Rs 1,800 crore was parked in investments earlier than being redirected.
‘Funds had been allegedly siphoned off overseas via outward remittances, whereas misuse of invoice discounting mechanisms was additionally detected,’ mentioned the ED in its assertion.
The ED mentioned it stays dedicated to recovering proceeds of crime and returning them to rightful claimants. (ANI)