Mumbai: The Enforcement Directorate (ED) has attached more than 40 properties worth ₹3,000 crore belonging to beleaguered industrialist Anil Ambani and his group companies following orders issued on October 31.
This is in response to allegations of large-scale bank fraud and fund diversion by Anil Ambani’s entities under his Reliance Anil Dhirubhai Ambani (ADA) Group. The attached properties include residential, commercial and land assets across Delhi, Mumbai, Thane, Pune, Hyderabad, Noida, Ghaziabad and Chennai.
The case pertains to loans sanctioned by Yes Bank between 2017 and 2019. The bank, under former CEO and MD Rana Kapoor, had invested ₹2,045 crore in Reliance Commercial Finance Limited (RCFL) and another ₹2,965 crore in Reliance Home Finance Limited (RHFL). By December 2019, these investments had turned non-performing, with ₹1,353 crore and ₹1,984 crore due from RHFL and RCFL, respectively.
The ED alleges that the loans were processed extremely quickly, and in some instances, funds were disbursed before the loan applications were filed, without the necessary due diligence.
Investigations found glaring lapses in the way the funds were sanctioned and used- blank or undated documents, weak financials of borrowers, mismatched end-of-use of funds and unregistered security creations.
Anil Ambani and Yes Bank founder Rana Kapoor have also been indicted in a separate case filed by the Central Bureau of Investigation (CBI) for fraudulent transactions between entities associated with Reliance AGAG and Yes Bank in 2022. The filed chargesheet relates to criminal conspiracy between Rana Kapoor and Anil Ambani, leading to over ₹2,700 crore losses to the private lender.
