Reliance Infra clarifies Anil Ambani not involved as ED attaches assets under PMLA

Reliance Infrastructure on Monday confirmed that the Enforcement Directorate (ED) has provisionally attached some of its assets under the Prevention of Money Laundering Act (PMLA).

However, the company clarified that the attachment will have no operational or financial impact on its business or stakeholders. In a statement, Reliance Infra said, “Certain assets of the company have been provisionally attached by the ED for alleged violations under PMLA. There is no impact on the business operations, shareholders, employees, or any other stakeholders of Reliance Infrastructure Limited.”

The company also emphasized that Anil D Ambani has not been part of Reliance Infrastructure’s Board for over three and a half years, distancing him from the development.

ED attaches DAKC land worth ₹4,462 crore

The clarification came after the ED announced that it had attached 32 acres of land at Dhirubhai Ambani Knowledge City (DAKC) in Navi Mumbai, valued at ₹4,462 crore. The action is linked to an ongoing money-laundering probe involving Reliance Communications (RCOM), Reliance Commercial Finance (RCFL), and Reliance Home Finance (RHFL) — all part of the Anil Ambani-led Reliance Group.

With this, the total value of assets attached in connection with entities related to Anil Ambani now exceeds ₹7,500 crore.

The ED said it issued five provisional attachment orders under PMLA — four on October 31 and one on November 4 — covering 42 properties. These include Ambani’s Pali Hill family residence, Reliance Centre in Delhi, and several commercial assets of Reliance Infrastructure and associated firms like Adhar Property Consultancy, Vihaan43 Realty, and Campion Properties.

ED alleges diversion of public funds

According to the ED, the action stems from evidence of “fraudulent diversion of public money” by multiple Reliance Anil Ambani Group (RAAG) entities. The agency alleged that between 2010 and 2012, RCOM and its affiliates raised thousands of crores in bank loans, of which ₹19,694 crore remains unpaid.

It claimed that loan proceeds were used to repay other group debts, diverted to related companies, or invested in mutual funds — violating loan conditions. The ED’s analysis reportedly found that ₹13,600 crore went toward loan evergreening, ₹12,600 crore was transferred to connected parties, and ₹1,800 crore was parked in fixed deposits and mutual funds.

Yes Bank exposure and FEMA findings

The agency also highlighted exposure from Yes Bank, which between 2017 and 2019 invested ₹5,010 crore in RHFL and RCFL instruments — later classified as NPAs. The ED said both firms collectively raised over ₹10,000 crore in public funds, much of it through Yes Bank.

In a separate FEMA investigation, the ED found that ₹40 crore had been siphoned off from Reliance Infra’s Jaipur–Reengus highway project through Surat-based shell companies to Dubai, allegedly forming part of a ₹600-crore hawala network.

Recovery efforts underway

The ED said its actions aim to trace and recover proceeds of crime to compensate “victim banks” under PMLA’s legal restitution framework. Anil Ambani was questioned by the agency in August, weeks after searches across 35 premises linked to 50 companies and 25 individuals, including senior group executives, were carried out in Mumbai on July 24.