RCOM probe: Anil Ambani grilled again after ED attaches his Rs 3,700-cr ‘Abode’
The probe pertains to an alleged bank fraud worth over Rs 40,000 crore by his group company, Reliance Communications
Reliance Group chairman Anil Ambani on Thursday (February 26), appeared before the Enforcement Directorate (ED) for a second round of questioning in connection with an alleged bank fraud-linked money laundering case against Reliance Communications (RCOM).
This comes a day after the agency attached his property ‘Abode’, worth Rs 3,716 crore, under the anti-money laundering law.
Officials in the agency said they will record his statement under the provisions of the Prevention of Money Laundering Act (PMLA).
Also read: SC raps CBI, ED over probe delay in bank fraud case against Anil Ambani, ADAG
Property worth Rs 15,700 crore attached
The probe pertains to an alleged bank fraud worth over Rs 40,000 crore by his group company, Reliance Communications (RCOM).
Earlier, the agency had attached property worth Rs 473.17 crore, taking the total value of assets attached against Ambani and his group to over Rs 15,700 crore.
The ED action forms part of an ongoing investigation based on an FIR registered by the CBI under Sections 120-B, 406 and 420 of the IPC, along with relevant provisions of the Prevention of Corruption Act, 1989, against RCOM.
Also read: Anil Ambani’s Reliance Power CFO held in Rs 68-cr ‘false’ bank guarantee case
“RCOM and its group companies availed loans from domestic and foreign lenders of which a total amount of Rs 40,185 crore is outstanding. ED investigation has revealed that among other assets, the Pali Hill property was aggregated into the RiseE Trust – a Private Family Trust of the members of Anil Ambani’s family. This was done to make it appear as though Anil Ambani is not involved,” an ED spokesperson said in a statement.
According to the agency, the move aimed at safeguarding the family wealth from bank recovery actions after loans to RCOM and related entities became Non-Performing Assets (NPAs).
Inside the ‘Abode’
Anil Ambani's 'Abode', located in Pali Hill, is a 66-metre-high building with 17 floors. It boasts luxury amenities, including a helipad, a swimming pool, a gym, and a large parking area.
Also read: After SBI, Bank of India tags RCom, Anil Ambani as fraud
The property also includes a lounge displaying his fleet of high-end cars. While he reportedly owns brands such as Rolls-Royce, Lexus, Porsche, Audi and Mercedes-Benz, he told a UK court that he owns just one vehicle.
According to the ED, the probe found that the Pali Hill property was placed under the RiseE Trust, a private family trust of Anil Ambani’s family members.