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The Enforcement Directorate (ED) has attached multiple properties linked to the industrialist Anil Ambani in connection with its money laundering probe into alleged loan fraud against him and his group companies, officials said on Thursday.
These properties are based in Navi Mumbai, Chennai, Pune, and Bhubaneswar. The properties were attached under the Prevention of Money Laundering Act (PMLA), 2002. According to officials, the cumulative attachment of properties in the group now stands at almost Rs 9,000 crore. Earlier this month, the agency's Special Task Force attached over 132 acres of land in Dhirubhai Ambani Knowledge City (DAKC) in Navi Mumbai worth Rs 4,462.81 crore under the PMLA in connection with the ongoing probe into the bank fraud cases involving Reliance Communications Ltd. (RCOM), Reliance Commercial Finance Ltd., and Reliance Home Finance Ltd. The money-laundering probe stems from a Central Bureau of Investigation (CBI) FIR registered under sections 120-B, 406 and 420 of the Indian Penal Code and sections 13(2) read with 13(1)(d) of the Prevention of Corruption Act, naming RCOM, Anil Ambani, and others. According to the ED, RCOM and its group companies availed loans from both domestic and foreign lenders between 2010 and 2012, with total outstanding dues amounting to Rs 40,185 crore. "Five banks have since declared the accounts of the group as fraudulent." The investigation has revealed that loans raised by one entity were used to repay borrowings of other group companies, routed to related parties, or invested in mutual funds - in violation of the loan terms. The agency alleged that over Rs 13,600 crore was diverted for evergreening of loans, Rs 12,600 crore was funnelled to connected parties, and around Rs 1,800 crore was invested in fixed deposits and mutual funds, which were later liquidated and rerouted to group entities. The ED also detected large-scale misuse of bill discounting mechanisms and alleged siphoning of funds abroad through foreign remittances. The agency reiterated its commitment to pursuing financial crime cases and ensuring that the proceeds of crime are recovered and restituted to rightful claimants. (ANI)
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