CHENNAI: The financial troubles of the Reliance Anil Ambani Group deepened further after enforcement authorities confirmed that the cumulative value of attached assets across group entities has risen to Rs 10,117 crore. The attachments, carried out in multiple rounds over recent years, stem from ongoing investigations into alleged fund diversion, loan defaults and regulatory violations involving several companies within the conglomerate. The expanding tally highlights both the widening scope of the probes and the mounting pressure on the group’s remaining operational assets.
The Enforcement Directorate’s latest action is linked to the investigations into Reliance Home Finance Limited, Reliance Commercial Finance Limited and the Yes Bank fraud case. The development adds to the group’s long-standing financial strain, with several of its companies already facing insolvency proceedings or creditor-led action. Investigators have intensified scrutiny in recent years, and the rising volume of attached properties and financial holdings reflects a sustained effort to secure recoveries and prevent further dissipation of assets. Market observers note that the scale of the attachments could complicate ongoing restructuring negotiations with lenders.
According to officials, as reported, the latest round includes the attachment of seven properties belonging to Reliance Infrastructure Limited, two properties of Reliance Power Limited and nine properties of Reliance Value Services Private Limited. Fixed deposits held in the name of Reliance Value Services Private Limited, Reliance Venture Asset Management Private Limited, Phi Management Solutions Private Limited, Adhar Property Consultancy Private Limited and Gamesa Investment Management Private Limited have also been attached, along with unquoted investments made by Reliance Venture Asset Management and Phi Management Solutions.
This follows earlier ED action involving the attachment of assets valued at more than Rs 8,997 crore in bank fraud cases linked to Reliance Communications, Reliance Commercial Finance and Reliance Home Finance. Investigators have alleged large-scale diversion of public funds by several group companies, including Reliance Communications, Reliance Home Finance, Reliance Commercial Finance, Reliance Infrastructure and Reliance Power.
The probe has revealed that during 2017 to 2019, Yes Bank invested RS 2,965 crore in instruments issued by Reliance Home Finance and another Rs 2,045 crore in those issued by Reliance Commercial Finance. By the end of 2019, these exposures had turned non-performing, leaving outstanding dues of Rs 1,353.50 crore and Rs 1,984 crore respectively.
Investigators say both finance companies reportedly had access to more than Rs 11,000 crore in public funds, which were routed indirectly. Before Yes Bank made these investments, it had itself received significant inflows from the erstwhile Reliance Nippon Mutual Fund—funds that could not be directly invested in Anil Ambani group finance companies due to conflict-of-interest rules. The ED alleges that these funds travelled through a circuitous path, ultimately reaching group entities in violation of regulatory norms.
Parallel investigations based on a CBI FIR have uncovered alleged irregularities involving loans availed by Reliance Communications and other group entities between 2010 and 2012 from domestic and foreign lenders. A total outstanding amount of Rs 40,185 crore remains unpaid, and nine banks have classified the loan accounts as fraudulent. The ED claims that loans taken by one entity were diverted to repay borrowings of other group companies, transferred to related parties or used for investments in mutual funds, violating the conditions set out by lenders.
Investigators estimate that over Rs 13,600 crore was diverted for evergreening of loans, more than Rs 12,600 crore was funneled to connected parties and around Rs 1,800 crore was invested in fixed deposits and mutual funds, much of which was later liquidated and rerouted. The agency has also detected extensive misuse of bill-discounting facilities and instances of funds being siphoned overseas through outward remittances.
Authorities maintain that they are committed to pursuing financial crime cases and ensuring recovery of proceeds for rightful claimants. With cumulative attachments now exceeding the Rs 10,000-crore mark, the Reliance Anil Ambani Group faces a more challenging landscape as it attempts to resolve disputes, negotiate with lenders and revive suspended operations. Regulators and creditors are monitoring developments closely, underscoring the prolonged financial and legal stress surrounding one of India’s most significant corporate debt episodes, say reports.
