Reliance Group Assets Seized in Major Money Laundering Probe

The Enforcement Directorate (ED) attached assets worth Rs 1,120 crore belonging to the Reliance Group, as part of a probe into alleged money laundering linked to Anil Ambani. Properties across Mumbai and Chennai are involved, tied to suspected fraud at Yes Bank involving large investments becoming non-performing.

The Enforcement Directorate took significant steps in its investigation against the Reliance Group by attaching assets valued at Rs 1,120 crore. This move is part of a money-laundering investigation involving Anil Ambani and his companies.

Properties included in the attachment span several prime locations in Mumbai and Chennai, escalating the total value of assets seized from the group to Rs 10,117 crore. The alleged financial discrepancies connect to Yes Bank, which made substantial investments in Reliance Home Finance and Reliance Commercial Finance.

The ED claims that mutual fund money was routed indirectly to Anil Ambani's companies through Yes Bank, bypassing conflict-of-interest rules. The agency emphasizes its commitment to recovering embezzled funds and taking action against financial wrongdoers.

(With inputs from agencies.)