ED has seized new assets worth ₹3,034 crore of Reliance Anil Ambani Group (RAAG). The agency took this action on Tuesday under a money laundering investigation. This action was taken on properties linked to Reliance Communications (RCOM) and Reliance Infrastructure Limited. The seized properties include a flat located in Mumbai and a farmhouse in Khandala, a hill station in Maharashtra. Additionally, 7.71 crore shares of Reliance Infrastructure and some land located in Sanand, Ahmedabad have also been attached. ED has issued this provisional attachment order under the Prevention of Money Laundering Act (PMLA). Total assets worth ₹19,344 crore seized so far This is not the first action in the ongoing case against the Anil Ambani Group. After the latest seizure, the total attachment in cases against the group has now reached ₹19,344 crore. The ED has been investigating allegations of bank fraud and fund diversion allegedly committed by the group’s companies for a long time. Allegations of bank fraud and fund diversion The main focus of the ED’s investigation is on how the group’s companies misused loans taken from banks. The investigating agency alleges that the funds were diverted elsewhere instead of being used for the purposes for which the loans were taken. While tracking this money laundering network, the agency has been continuously attaching the group’s assets. Anil Ambani Group’s Troubles Increase Reliance Communications (RCOM) is already undergoing insolvency proceedings. Now with this action on Reliance Infrastructure’s assets and shares, the financial troubles of the Anil Ambani Group may increase further. Several companies of the group are caught in the web of heavy debt and legal investigations. What is PMLA and Provisional Attachment? PMLA (Prevention of Money Laundering Act): This is a law enacted in 2002, whose purpose is to prevent money laundering (converting black money to white) and to confiscate assets involved in such activities. Provisional Attachment: When the ED believes that a property has been created from proceeds of crime, it seizes it temporarily (for 180 days). This can later be permanently confiscated upon approval from the Adjudicating Authority. Post navigation India preparing for E85 flex-fuel after E20:Mileage may decrease by up to 30%; aim to reduce crude oil dependency 92,000 people could lose their jobs this year:Pressure on firms like Microsoft, Meta to invest in AI; 98 companies will carry out layoffs
