6 months ago
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The Enforcement Directorate has provisionally attached properties worthy ₹1,452 crore successful transportation with a lawsuit allegedly involving Reliance Communications Limited (RCom).
According to the agency, the properties see aggregate buildings successful Dhirubhai Ambani Knowledge City (DAKC) and Millenium Business Park, Navi Mumbai, arsenic good arsenic plots of onshore and buildings successful Pune, Chennai and Bhubaneswar.
“It whitethorn beryllium recalled that the ED had earlier attached properties worthy implicit ₹7,545 crore successful the slope fraud cases of Reliance Communications Ltd. (RCom), Reliance Commercial Finance Ltd. and Reliance Home Finance Ltd,” it said connected Thursday.
The ED probe is based connected the FIR registered by the Central Bureau of Investigation against RCom, businessman Anil Ambani and others.
“RCom and its radical companies obtained loans from home and overseas lenders from the play of 2010-2012 onwards, of which a full magnitude of ₹40,185 crore is outstanding. Nine banks person declared the indebtedness accounts of the Group arsenic fraud,” it alleged.
The bureau has alleged that the loans taken by 1 entity from 1 slope were utilised for repayment of loans taken by different entities from different banks. There was alleged transportation to related parties, and investments successful communal funds, “in contravention to the presumption and conditions of the authorisation missive of the loans”.
“In particular, RCom and its radical companies diverted implicit ₹13,600 crore for evergreening of loans; implicit ₹12,600 crore was diverted to connected parties and implicit ₹1,800 crore was invested successful FDs/Mutual Funds, etc., which was substantially liquidated for rerouting to radical entities,” the bureau alleged.
The ED besides alleged misuse of measure discounting for the intent of funnelling funds to connected parties and sending funds abroad. “The full attachment successful these cases stands astatine ₹8,997 crore,” it added.
