According to the probe agency, RCOM and its group of companies availed loans from domestic and foreign lenders of which a total amount of Rs. 40,185 crore is outstanding.
The Enforcement Directorate (ED) on Tuesday said that it has attached assets worth Rs 3,034.90 crore of businessman Anil Ambani in connection with the Reliance Communications Ltd. bank fraud case under PMLA, 2002, taking the total attachment in the case to over Rs 19,344 crore.
The latest attachments include a Mumbai flat, Khandala farmhouse, Sanand land and Rs 7.71 crore shares of Reliance Infrastructure held under RiseE Trust Structure.
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According to the probe agency, RCOM and its group of companies availed loans from domestic and foreign lenders of which a total amount of Rs. 40,185 Crore is outstanding.
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This means that even after the latest seizure, nearly half of the alleged fraud amount is yet to be recovered.
The provisional attachment of Anil Ambani’s assets under the PMLA has been made to prevent “dissipation of assets and to protect the interests of banks and the public.”
Properties confiscated by ED in latest seizure
According to the ED, the seized assets of the Promoter Group include a flat in the Usha Kiran Building, Mumbai, a farmhouse in Khandala, Pune, and a land parcel in Sanand, Ahmedabad.
Besides the above properties, Rs 7.71 Crore shares of Reliance Infrastructure Ltd, held by M/s Risee Infinity Pvt. Ltd. – a group entity of Anil Ambani under the RiseE Trust umbrella, which is a Private Family Trust of the members of Anil Ambani’s family – were also attached.
Anil Ambani had set up RiseE Trust to ensure wealth preservation and resource generation by aggregation of properties in RiseE Trust and shield it from his personal liabilities in the form of Personal Guarantees extended by him to lender banks against the loans sanctioned to RCOM.
The properties were intended to be used and owned by the Anil Ambani family and not for the distressed public banks whose loans turned NPA.
However, under Section 8 of PMLA, theze confiscated properties would now be restored to legitimate claimants who suffered loss, including victim banks.
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