NEW DELHI: The Enforcement Directorate (ED) has attached 31 immovable properties worth Rs 581.65 crore in the case against Reliance Home Finance Limited and Reliance Commercial Finance Limited belonging to the Reliance Anil Ambani Group, the agency said on Thursday. With this, the cumulative attachment of the group's assets has reached Rs 16,310 crore.
The properties are in the form of land parcels situated in Goa, Kerala, Karnataka, Punjab, Tamil Nadu, Uttar Pradesh, Haryana, Jharkhand, Maharashtra, Delhi, West Bengal, Andhra Pradesh and Rajasthan. The attachment follows raids carried out on March 6 in a case against Reliance Power Limited (R-POWER) under FEMA.
The federal investigation agency had earlier attached properties worth over Rs 15,729 crore in the bank fraud cases relating to Reliance Home Finance Limited, Reliance Commercial Finance Limited and RCOM.
During raids under PMLA and FEMA, assets amounting to Rs 2.48 crore in the form of fixed deposits and mutual funds and cash were frozen and seized. The ED has also seized balances in 13 bank accounts of Reliance Infrastructure Limited (R-INFRA) to the tune of Rs 77.86 crore under Section 37A of FEMA.
The agency had initiated an investigation on July 22, 2025 based on multiple CBI cases registered against Reliance Commercial Finance Ltd and Reliance Home Finance Ltd on the basis of complaints filed by Yes Bank, Union Bank of India and Bank of Maharashtra. The ED’s investigation revealed that RHFL and RCFL had raised public funds from multiple banks/financial institutions. More than Rs 11,000 crore of these public funds had turned into non-performing assets.
The agency has found that public funds raised by RHFL and RCFL were diverted to various Reliance Group companies such as Reliance Infrastructure Limited, Reliance Power Limited, Reliance Communications Limited, Reliance Capital Limited, etc.
“Public funds were diverted by routing them through a large number of shell/dummy entities controlled and managed by Reliance Anil Ambani Group. These shell/dummy entities had negligible financial strength and no business operations. The investigation has revealed mala fide intent on the part of the group promoters and key persons,” the agency said.