New Delhi: The Enforcement Directorate announced on Tuesday that it has attached properties worth ₹510 crore, including two charter aircraft, in connection with an alleged bank fraud and money laundering investigation involving the Reliance Anil Ambani Group (RAAG).

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The agency's probe stems from allegations of a ₹263.05 crore fraud concerning Reliance Home Finance Limited (RHFL) / Reliance Commercial Finance Ltd. (RCFL) and a separate ₹247.12 crore fraud involving Reliance Communication Ltd. (RCOM).

A provisional attachment order has been issued under the Prevention of Money Laundering Act (PMLA) to freeze assets totalliling ₹510 crore, the ED stated.

In the RCOM matter, the seized properties include two chartered aircraft, six land parcels and commercial office space located in Maharashtra. The attached aircraft comprise a Dassault Falcon 2000 and an Embraer jet.

In the RHFL/RCFL matter, the attached assets encompass two wind mills in Tamil Nadu, alongside bank balances, fixed deposits, and securities investments.

According to the agency, its investigation revealed that the Group engaged in siphoning off public money sourced from banks and financial institutions, manipulating the Insolvency and Bankruptcy Code (IBC) to shield corporate assets for personal gain, and diverting domestic public funds to offshore tax havens.

“A large part was utilised for the individual benefit of the promoters and their family,” the Enforcement Directorate alleged in its statement.

The ED has arrested 10 individuals linked to these investigations and submitted six chargesheets to date, in addition to opening a separate inquiry under the Foreign Exchange Management Act (FEMA).

Following this latest provisional order, total asset attachments and seizures in the ongoing probe stand at ₹23,100 crore.

PTI