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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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Mallikarjun Kharge warns action against workers over DK Shivakumar slogans

Congress president Mallikarjun Kharge warned party workers of disciplinary action after pro-DK Shivakumar slogans disrupted a Congress programme in Bengaluru.

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Congress president Mallikarjun Kharge on Sunday strongly reprimanded party workers after a section of the audience raised slogans in support of DK Shivakumar during a party programme in Bengaluru. Kharge also warned that disciplinary action could be taken against those responsible for disrupting the event.

The incident took place during the ‘Sankalpa Samavesha’ programme, where party leaders had gathered for an organisational event. According to reports, some workers repeatedly chanted “DK-DK” slogans, prompting Kharge to intervene and ask them to maintain discipline.

Visibly upset by the sloganeering, Kharge reminded workers that the gathering was meant for the party and not for promoting individual leaders.

“This is not an individual’s programme, it is a party programme,” Kharge said while stressing that Congress functions as an organisation rather than around personalities.

The veteran leader also expressed displeasure over the disruption, questioning why a few people should dominate proceedings when many others had attended the programme. Referring to his long political career, Kharge said the party had contributed significantly to the rise of many leaders and emphasised the need to uphold organisational discipline.

Warning the workers against similar behaviour in the future, Kharge said footage from the event would be examined and action would be taken if necessary.

“Discipline is always necessary for the party. Whoever is shouting here, there will be footage. I will take disciplinary action after reviewing the footage,” he said.

The episode once again highlighted the importance the Congress leadership places on party discipline during organisational events in Karnataka.

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Delhi likely to see more rain and thunderstorms as IMD forecasts pleasant weather

Delhi-NCR is likely to witness light to moderate rainfall and thunderstorms as IMD forecasts pleasant weather and continued relief from heat.

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weekend curfew

Residents of Delhi and the National Capital Region (NCR) may continue to get relief from intense summer heat as the India Meteorological Department (IMD) has forecast light to moderate rainfall accompanied by thunderstorms and gusty winds in the coming days.

The weather department said changing weather conditions are expected to persist across Delhi-NCR, with intermittent rain and thunderstorm activity likely to keep temperatures under control. The maximum temperature in the national capital settled slightly above the seasonal average, while cloudy skies and moisture-laden winds are expected to bring further relief.

Rain forecast for Delhi-NCR

According to IMD, Delhi, Noida, Ghaziabad, Gurugram and Faridabad are likely to witness light rainfall and thunderstorms. The weather agency said the spell of rain could be accompanied by gusty winds, leading to a drop in temperatures across the region.

Officials said the prevailing weather pattern is being influenced by favourable monsoon conditions and local weather systems, which are helping maintain relatively pleasant conditions in the region. The maximum temperature in Delhi is expected to remain below or around the 40 degrees Celsius mark over the next few days.

Monsoon advances over northern India

The southwest monsoon has advanced further into several parts of northern India, including areas of Uttar Pradesh and Rajasthan. Weather officials have indicated that conditions remain favourable for the monsoon’s further advance across more regions in northwestern India.

Meanwhile, different parts of Uttar Pradesh are expected to experience varied weather conditions, with eastern districts likely to receive rainfall while some areas in eastern UP may continue to experience heatwave conditions. Rajasthan is also expected to witness rain and thunderstorm activity in several districts.

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Four killed after temple roof collapses at Maharashtra’s Yashwadi shrine

Four devotees were killed and several others injured after a portion of an under-construction roof collapsed at the Yashwadi temple in Maharashtra’s Parbhani district.

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Temple roof collapse

A tragic accident at a prominent temple in Maharashtra’s Parbhani district claimed four lives on Saturday after a portion of an under-construction roof collapsed on devotees gathered at the site.

The incident took place at the Yashwadi temple in Yashwadi village, around 190 km from Chhatrapati Sambhajinagar. Authorities launched a large-scale rescue operation after devotees were trapped beneath the debris following the collapse.

According to local officials, the roof section in front of the sanctum, part of an ongoing construction project, gave way during the afternoon. MLA Rajesh Vitekar said 27 people were trapped under the rubble. All those trapped were later rescued, but four people lost their lives in the incident.

Several injured devotees were shifted to nearby medical facilities for treatment. Three people were admitted to the District General Hospital, while around 20 others received treatment at RP Medical College, according to officials.

Rescue teams rushed to the site

Police, district administration personnel and emergency responders reached the temple soon after the collapse was reported. Rescue efforts continued for several hours as teams worked to remove debris and locate those trapped underneath.

Officials said the structure that collapsed was the temple’s sabhamandap, or outer assembly hall, where construction work was nearing completion. Initial assessments suggest there may have been a structural issue linked to a pillar being erected at the site, though the exact cause remains under investigation.

Popular pilgrimage site draws huge crowds

The Yashwadi temple is among the most visited religious sites in the Parbhani region and attracts thousands of devotees every Saturday. The accident occurred on a day when large numbers of worshippers had gathered at the shrine, increasing concerns about the scale of the tragedy.

Authorities are expected to conduct a detailed inquiry into the collapse and examine whether construction safety norms were followed during the expansion work.

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