Reliance Infra says Anil Ambani not linked to assets attached by ED under PMLA

Reliance Infrastructure Limited on Monday confirmed that some of its assets have been provisionally attached by the Enforcement Directorate (ED) under the Prevention of Money Laundering Act (PMLA). However, the company clarified that the action will have no bearing on its operations or stakeholders.

In an official 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 further noted that Anil D Ambani has not been part of the company’s Board for more than 3.5 years, distancing the industrialist from the current proceedings.

ED attaches DAKC land worth ₹4,462 crore

The clarification came shortly 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 attachment is part of a larger investigation into alleged money laundering linked to Reliance Communications (RCOM), Reliance Commercial Finance Ltd (RCFL), and Reliance Home Finance Ltd (RHFL).

With the latest order, the total value of assets attached in connection with companies associated with Anil Ambani has now crossed ₹7,500 crore, the ED said.

The agency issued five provisional attachment orders — four on October 31 and one on November 4 — covering 42 properties across multiple cities, including Mumbai, Delhi, Noida, Ghaziabad, Pune, Thane, Hyderabad, Chennai, and Andhra Pradesh’s East Godavari district. Among them are Ambani’s Pali Hill residence, the Reliance Centre in Delhi, and several commercial properties linked to group entities such as Adhar Property Consultancy Pvt Ltd, Vihaan43 Realty Pvt Ltd, and Campion Properties Ltd.

ED alleges diversion of public funds

According to the ED, its investigation revealed large-scale diversion of public money by entities under the Reliance Anil Ambani Group (RAAG). Between 2010 and 2012, RCOM and related firms allegedly raised thousands of crores in bank loans, of which around ₹19,694 crore remains unpaid.

The agency claimed that the loans were misused — with funds rerouted to repay other group debts, invested in mutual funds, or transferred to related parties, in violation of loan terms. The ED’s analysis reportedly found that about ₹13,600 crore was used for loan evergreening, ₹12,600 crore went to connected entities, and ₹1,800 crore was invested in fixed deposits and mutual funds.

Yes Bank exposure and FEMA violations

The ED also pointed to exposure from Yes Bank, which between 2017 and 2019 invested ₹5,010 crore in instruments of RHFL and RCFL — both later classified as non-performing assets (NPAs). The agency said that the two companies together raised over ₹10,000 crore in public funds, with a significant portion routed through Yes Bank.

In a parallel FEMA investigation, the ED alleged that ₹40 crore from Reliance Infrastructure’s Jaipur–Reengus highway project was siphoned off via Surat-based shell companies to Dubai. The probe also uncovered a suspected hawala network worth over ₹600 crore.

ED’s next steps

The ED stated that its actions are aimed at recovering and restoring proceeds of crime to “victim banks” under PMLA’s restitution framework. The agency also confirmed that Anil Ambani was questioned in August in connection with the case, following searches at 35 locations linked to more than 50 companies and 25 individuals, including senior executives of his group, in Mumbai on July 24.