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ED attaches assets worth over Rs 3,000 crore in money laundering case against Anil Ambani

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Assets worth more than Rs 3,000 crore linked to Reliance Group Chairman Anil Ambani, his group companies and linked entities have been attached as part of a money laundering investigation, the Enforcement Directorate (ED) said on Monday.

The federal probe agency issued four provisional orders under the Prevention of Money Laundering Act (PMLA) on October 31 for attaching 42 properties, including the 66-year-old Ambani’s family home in Pali Hill, Mumbai, apart from other residential and commercial properties of his group companies, it said.

A plot of land belonging to the Reliance Centre on Maharaja Ranjit Singh Marg in Delhi and multiple other assets of Reliance Infrastructure Ltd., certain linked entities like Adhar Property Consultancy Private Limited, Mohanbir Hi-tech Build Private Limited, Gamesa Investment Management Private Limited, Vihaan43 Realty Private Limited (earlier known as Kunjbihari Developers Private Limited) and that of Campion Properties Limited have been attached.

These properties are located in the national capital, Noida, Ghaziabad, Mumbai, Pune, Thane, Hyderabad, Chennai and East Godavari district in Andhra Pradesh.

Offices in the ‘Nagin Mahal’ building at Churchgate in Mumbai, flats in BHA Millenium apartments in Noida and Camus Capri Apartments in Hyderabad are among those provisionally attached by the ED.

The total value of the attached assets is more than Rs 3,083 crore, the agency said in a statement.

There was no immediate response from Ambani or his group on the ED action.

The agency said, so far, ED has detected “fraudulent” diversion of public money by various Reliance Anil Ambani group companies, including Reliance Communications Ltd (RCOM), Reliance Home Finance Ltd (RHFL), Reliance Commercial Finance Ltd (RCFL), Reliance Infrastructure Ltd (R-Infra) and Reliance Power Ltd.

The statement said a separate search action was carried out by the agency under the Foreign Exchange Management Act (FEMA) against R-Infra and it was found that Rs 40 crore was “siphoned” from the Jaipur-Reengus highway project.

“Funds moved through Surat-based shell companies to Dubai. The trail has unearthed a wider international hawala network exceeding Rs 600 crore,” it said.

The agency alleged that around 2010-12 onwards, RCOM and its group companies raised thousands of crores from Indian banks, of which Rs 19,694 crore remains outstanding. These assets turned into non-performing assets (NPA), with five banks declaring RCOM’s loan accounts as fraud, it said.

“Loans taken by one entity from one bank were utilised for repayment of loans taken by other entities from other banks, transfer to related parties, and investments in mutual funds, which was in contravention of the terms and conditions of the sanction letter of the loans.”

“In particular, RCOM and its group companies diverted over Rs 13,600 crore used in evergreening loans, over Rs 12,600 crore was diverted to connected parties and over Rs 1,800 crore was invested in fixed deposits and mutual funds, etc.,” it said.

The agency claimed certain loans were “siphoned off” outside India through foreign outward remittances.

It said that during 2017-2019, Yes Bank invested Rs 2,965 crore in RHFL instruments and Rs 2,045 crore in RCFL instruments. By December 2019, these became “non-performing” investments, it claimed.

The “outstanding” was Rs 1,353.50 crore for RHFL and Rs 1,984 crore for RCFL.

The agency added that RHFL and RCFL received public funds of more than Rs 10,000 crore and a large amount of this fund came from Yes Bank.

“Before Yes Bank invested this money in Reliance Anil Ambani group companies, it received huge funds from the erstwhile Reliance Nippon Mutual Fund.

“As per SEBI regulations, Reliance Nippon Mutual Fund could not invest/divert funds directly in Anil Ambani group finance companies due to conflict-of-interest rules,” the agency said.

The ED said it has “detected a pattern of mala fide in this case like pre-decided beneficiaries, manufactured paperwork, waived controls, and disbursals ahead of approvals, followed by swift routing to related entities”.

“This conduct enabled siphoning of public funds,” it said.

The ED, it said, continues to trace the proceeds of crime.

“The recoveries by ED, after following due process of law, are aimed at restoring losses to lenders and, ultimately, benefitting the general public,” it said, hinting at restoring or restituting the assets with “victim” banks, a provision available under the PMLA.

Ambani was questioned in the case by the ED in August.

This came after the agency searched 35 premises of 50 companies and 25 people, including executives of his business group, in Mumbai on July 24.

The ED’s money laundering case stems from a Central Bureau of Investigation FIR.

—PTI

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Stealing TMC’s data: Mamata Banerjee visits I-PAC chief’s home during ED searches

Mamata Banerjee visited the residence of I-PAC chief Pratik Jain during ED searches, alleging attempts to seize TMC’s internal documents, while the agency denied political targeting.

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mamta banerjee

West Bengal Chief Minister Mamata Banerjee on Thursday visited the residence of Indian Political Action Committee (I-PAC) chief Pratik Jain amid ongoing searches by the Enforcement Directorate (ED), triggering a major political confrontation in Kolkata.

Banerjee reached Jain’s house around noon, shortly after Kolkata Police Commissioner Manoj Verma arrived at the location. She remained there for nearly 20 to 25 minutes before stepping out with a green folder, alleging that the central agency was attempting to seize sensitive digital data and internal documents belonging to the Trinamool Congress (TMC).

Addressing reporters outside the residence, the chief minister claimed that the ED raid targeted the party’s IT cell and involved the confiscation of hard disks, mobile phones, laptops and documents related to candidate selection and internal election strategy.

“ED raided my IT sector office and searched the residence of the in-charge of my IT sector. They were confiscating my party’s documents and hard disks which have details about our assembly election candidates. I have brought those back,” Banerjee said.

She described the searches as politically motivated and unconstitutional, alleging that central agencies were being used to intimidate opposition parties ahead of elections.

Banerjee accuses Amit Shah of political vendetta

Escalating her attack, Banerjee targeted Union Home Minister Amit Shah, accusing him of misusing constitutional institutions for political purposes.

“This is not law enforcement, this is political vendetta. The home minister is behaving like the nastiest home minister, not someone who protects the country,” she alleged.

The chief minister also claimed that ED officials attempted to take away a laptop from the premises and were selectively collecting political data. She further alleged that names of more than 15 lakh voters from West Bengal had been deleted from electoral rolls without proper explanation.

Meanwhile, searches were also conducted at the office of I-PAC, the political consultancy firm headed by Jain, as part of the same operation.

What the ED said

In an official statement, the ED rejected the allegations and clarified that the searches were evidence-based and not directed at any political party or office.

“Search is ongoing at 10 places — six in West Bengal and four in Delhi. The case relates to illegal coal smuggling. The search covers various premises linked to generation of cash and hawala transfers,” the agency said.

The ED maintained that the action was part of a routine investigation into money laundering and had no connection with elections. It also alleged that certain individuals, including constitutional functionaries, had illegally intruded into two of the searched premises and forcibly taken away documents.

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Vedanta chairman Anil Agarwal calls son’s death the darkest day of his life

Vedanta chairman Anil Agarwal expressed deep grief after his son Agnivesh Agarwal died of a sudden cardiac arrest in New York while recovering from a skiing accident.

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Vedanta chairman Anil Agarwal calls son’s death the darkest day of his life

Vedanta Group chairman Anil Agarwal announced the sudden death of his son, Agnivesh Agarwal, describing it as the darkest day of his life. Agnivesh, 49, died following a cardiac arrest in New York, where he was undergoing treatment after a skiing accident.

In an emotional message shared on social media, Agarwal said his son had been recovering well at Mount Sinai Hospital and that the family believed the worst phase was over. “But fate had other plans, and a sudden cardiac arrest snatched our son away from us,” he wrote.

A journey from Patna to corporate leadership

Recalling his son’s life, Agarwal said Agnivesh was born in Patna on June 3, 1976, and grew up in a middle-class family. He studied at Mayo College in Ajmer and later went on to establish Fujeirah Gold.

Over the years, Agnivesh rose to become a prominent business leader, serving as chairman of Hindustan Zinc and leading key responsibilities within the Vedanta group. He was also the chairperson of Vedanta subsidiary Talwandi Sabo Power Ltd.

Despite his professional achievements, Agarwal said his son remained grounded and compassionate. “He was simple, warm, and deeply human,” he noted, adding that to him, Agnivesh was not just a son but also a close friend.

Renewing a promise to society

Agarwal said his son strongly believed in building a self-reliant India and often spoke about the country’s potential. Remembering those conversations, he reaffirmed a shared commitment to give back to society.

“I had promised Agni that more than 75% of what we earn would be given back to society. Today, I renew that promise and resolve to live an even simpler life,” he said.

In his concluding message, Agarwal said he would try to carry forward his son’s values and ideals, adding that Agnivesh would continue to live on through the lives he touched.

Condolences from Prime Minister Modi

Prime Minister Narendra Modi also expressed condolences on the untimely passing of Agnivesh Agarwal. In a message posted on X, he said the loss was deeply shocking and saddening, and offered prayers for strength and courage to the Agarwal family.

Anil Agarwal has two children — his late son Agnivesh and his daughter Priya Agarwal, who serves on the board of Vedanta Ltd. and is the chairperson of Hindustan Zinc Ltd.

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Somnath Temple attacks reinforced India’s cultural unity, says PM Modi ahead of visit

PM Modi says centuries-old attacks on Somnath Temple strengthened India’s cultural unity, highlighting the shrine’s enduring spiritual resilience.

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PM Modi

Ahead of his scheduled visit to the Somnath Temple on January 11, Prime Minister Narendra Modi on Thursday said that repeated historical attacks on the shrine failed to weaken India’s spiritual foundations and instead strengthened the country’s cultural unity.

In a message shared on social media platform X, the prime minister reflected on the first recorded attack on the Somnath Temple in January 1026 and the several assaults that followed over the centuries. He said these events could not break the faith of the people, leading instead to the temple being rebuilt time and again as a symbol of civilisational continuity.

“The attack of the year 1026 and the numerous assaults that followed thereafter could not shake our eternal faith. On the contrary, these strengthened the sentiment of India’s cultural unity,” the prime minister wrote, while sharing images from his earlier visits to the temple.

PM Modi said the Somnath Swabhiman Parv, which begins on January 8, is being observed as a festival of remembrance, honouring generations of Indians who upheld their values and cultural consciousness even during the most difficult periods.

He noted that their steadfast commitment to civilisation and national unity continues to inspire the country today. According to the prime minister, the thousand-year legacy of faith associated with Somnath serves as a reminder of India’s enduring spiritual resolve.

Recalling Somnath’s reconstruction and national leaders’ role

The prime minister also shared visuals from a programme held at Somnath on October 31, 2001, marking 50 years since the temple’s reconstruction and inauguration in 1951.

He recalled that the historic ceremony in 1951 was attended by then President Dr Rajendra Prasad and highlighted the key role played by leaders such as Sardar Vallabhbhai Patel and K M Munshi in rebuilding the shrine after Independence.

PM Modi further noted that the 2001 event saw the participation of senior national leaders, and added that the year 2026 will mark the 75th anniversary of the 1951 inauguration ceremony.

The prime minister is scheduled to visit the Somnath Temple on January 11 to take part in the concluding events of the Somnath Swabhiman Parv.

The four-day observance, running from January 8 to January 11, will feature programmes focused on India’s spiritual heritage, cultural pride and social values.

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