Enforcement Directorate strikes again, provisionally attaching ₹1,885 crore worth of properties from Anil Ambani-led Reliance Group firms amid escalating fraud investigations. The Wednesday disclosure marks a significant escalation in cases involving Yes Bank and RCom banking defaults.
Seized assets encompass Reliance Infra’s equity in Delhi power distributors BSES Yamuna and Rajdhani, plus Mumbai Metro One. Bank funds and receivables from Value Corp, alongside personal holdings of top executives Seturaman and Garg, are locked down. Total group attachments now hover around ₹12,000 crore.
The probe exposes how Yes Bank’s investments in RHFL (₹2,965 crore) and RCFL (₹2,045 crore) from 2017-2019 ballooned into NPAs worth thousands of crores. Over ₹11,000 crore public money was stealthily channeled via Yes Bank from Reliance mutual funds, sidestepping SEBI conflict rules.
Rooted in CBI FIRs, findings detail ₹40,185 crore unpaid loans across banks, with rampant diversions: ₹13,600 crore for loan rollovers, ₹12,600 crore to affiliates, ₹1,800 crore into FDs/investments cycled back internally. Overseas remittances and bill discounting abuses compounded the deceit.
This financial house of cards, built on diverted public deposits, now faces demolition. The ED’s relentless chase promises fuller recovery efforts, deterring future malfeasance in India’s high-stakes lending arena.
Stakeholders watch closely as this unfolds, with implications for defaulter accountability and banking reforms.