The Enforcement Directorate has intensified its motion within the Reliance Communications financial institution mortgage case, issuing two Provisional Attachment Orders underneath the Prevention of Cash Laundering Act. The orders particularly goal property of RCom’s wholly owned subsidiaries:
For Reliance Realty Ltd., the connected asset is a big 132.07-acre plot located within the Trans Thane Creek Industrial Space, throughout the limits of Navi Mumbai.
Whereas for Campion Properties Ltd., the connected asset is the lease of a 3.7-acre plot of land situated at Maharaja Ranjit Singh Marg, New Delhi.
The biggest asset seized, the roughly 132 acres of land, is a part of the Dhirubhai Ambani Information Metropolis complicated and is valued at roughly Rs 4,462.81 crore, in keeping with an ED assertion.
This got here after it was reported that the probing company connected property value Rs 3,000 crore linked to the Anil Ambani group in reference to the case. This takes the cumulative seizure by the ED to over Rs 7,545 crore.
The ED initiated its investigation within the case following a CBI FIR that named Anil Ambani, RCom, and others on expenses of fraud, conspiracy, and corruption. The main target of the probe is RCom and its associates, which had taken loans totaling greater than Rs 40,000 crore from Indian and international banks between 2010 and 2012. 5 of those accounts have since been declared fraudulent by the lending banks.
The ED investigation has reportedly uncovered a posh sample of economic diversion. The important thing findings point out that roughly Rs 13,600 crore was diverted by way of “mortgage evergreening”, which is a method used to fraudulently make previous loans seem new on the books, the report added.
Additional, greater than Rs 12,600 crore was allegedly transferred to associated corporations, and over Rs 1,800 crore was allegedly invested and withdrawn from mounted deposits and mutual funds earlier than being reinvested again into group corporations.
The alleged misuse of invoice discounting schemes to funnel cash to shell corporations and the switch of funds out of India had been additionally uncovered. In response to the ED, the continuing investigation goals to get better all of the misused funds and people transferred overseas.
