Image for the purpose of representation only.
| Photo Credit: File
The Enforcement Directorate has provisionally attached properties worth ₹1,452 crore in connection with a case allegedly involving Reliance Communications Limited (RCom).
According to the agency, the properties include multiple buildings in Dhirubhai Ambani Knowledge City (DAKC) and Millenium Business Park, Navi Mumbai, as well as plots of land and buildings in Pune, Chennai and Bhubaneswar.
“It may be recalled that the ED had earlier attached properties worth over ₹7,545 crore in the bank fraud cases of Reliance Communications Ltd. (RCom), Reliance Commercial Finance Ltd. and Reliance Home Finance Ltd,” it said on Thursday.
The ED investigation is based on the FIR registered by the Central Bureau of Investigation against RCom, businessman Anil Ambani and others.
“RCom and its group companies obtained loans from domestic and foreign lenders from the period of 2010-2012 onwards, of which a total amount of ₹40,185 crore is outstanding. Nine banks have declared the loan accounts of the Group as fraud,” it alleged.
The agency has alleged that the loans taken by one entity from one bank were utilised for repayment of loans taken by other entities from other banks. There was alleged transfer to related parties, and investments in mutual funds, “in contravention to the terms and conditions of the sanction letter of the loans”.
“In particular, RCom and its group companies diverted over ₹13,600 crore for evergreening of loans; over ₹12,600 crore was diverted to connected parties and over ₹1,800 crore was invested in FDs/Mutual Funds, etc., which was substantially liquidated for rerouting to group entities,” the agency alleged.
The ED also alleged misuse of bill discounting for the purpose of funnelling funds to connected parties and sending funds abroad. “The total attachment in these cases stands at ₹8,997 crore,” it added.
Published – November 20, 2025 06:51 pm IST
