The directorate of enforcement (ED) has attached fresh properties worth ₹1,021 crore in connection with its money laundering investigation into Reliance Home Finance Ltd (RHFL) and Reliance Commercial Finance Ltd (RCFL), alleging diversion of thousands of crores of public funds through a network of shell and group companies linked to the Reliance Anil Dhirubhai Ambani (ADA) group.
The newly-attached assets include equity shares of Reliance Power Ltd held by Reliance Infrastructure Ltd, as well as certain loan receivables from Sasan Power Ltd and Reliance Power, according to ED.
According to ED, the investigation against RHFL and RCFL was initiated on the basis of multiple first information reports (FIRs) registered by central bureau of investigation (CBI) following complaints from several public and private sector banks.
The agency alleged that its investigation has so far revealed that public funds amounting to ₹15,548 crore, raised by RHFL and RCFL, were "systematically diverted through a web of shell and group companies controlled and managed by the Reliance ADA group."
The agency said it is currently investigating multiple cases involving the Reliance ADA group under both the PMLA and the Foreign Exchange Management Act (FEMA).
According to ED, it has registered four enforcement case information reports (ECIRs) under the PMLA and three cases under FEMA. During the investigation, officials have conducted searches at more than 80 premises.
Besides the PMLA attachments of ₹20,367 crore, the ED said it has also attached properties worth ₹77.86 crore under the provisions of FEMA.
The agency added that it has filed four prosecution complaints in different PMLA cases and one complaint under FEMA before the competent courts.
ED further stated that eight senior officers and close associates of the Reliance ADA group have been arrested under the PMLA so far and are currently in judicial custody.
It also said that, in compliance with an order of the Supreme Court, it has constituted a special investigation team (SIT), which is conducting the investigation in the various Reliance Anil Ambani Group cases on an expedited basis.
ED's allegations are part of an ongoing investigation. The agency's findings have not yet been tested in court, and the matter remains under judicial process.
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There is no figure around loans given by RINFRa to rpower and Sasan power. Logically, both rpower and Sasan power are fully operational companies and why they would need a loan from RInfra is questionable; unless it’s for RInfra to earn interest income, higher than the coupon rate.
Going by the back of the envelope calculation, not even 10% of RInfra shareholding in RPower has been attached. At best it would be 5%, as exact amount of loans has not been disclosed. (Unless the valuation has been calculated at face value of shares)
What remains seen is why a 1.79% stake in rpower has been left untouched, held by Authum investments. Another offshore entity VFSI ( a spv of Varde Capital Partners) routed through Singapore holds another 5% odd shareholding in rpower.
Even if full rpower shareholding held by rinfra is not attached as on date, the other cases coming in soon would lead to attachments.
This would effectively end up attaching all investments of rinfra in operational companies like Delhi discoms, Mumbai metro and rpower (including subsidiaries). Signals end of Anil Ambanis control over RPower, or at best substantially reduced to 1.79% via Authum.
Time for turning RPower to a professionally managed company thru government intervention; or start offloading operational projects; or atleast approved projects which never took off. With RPower going out of Anil Ambanis control, all he will be left with is the shell of RInfra which is heavily indebted, on which Anil Ambanis privately held companies owe amounts equal to RPower market cap.
Just a year ago, both RPower and RInfra were being talked about as turnaround stories by able sons of Anil Ambani. In less than a year, agencies have in a way shown the routes of repayments and turnaround.
Though the apex court continues to refrain from passing any directions to agencies on the fate of Anil Ambani. With cash sources drying up and 20,000 crore plus of assets attached; it would get increasingly difficult for Anil Ambani to hold the flock together, unless someone provides this controversial businessman with liquidity, month after month.
With known sources of assets in India almost attached, it is time for the agencies to start looking for offshore asset attachments. The stake which Anil Ambani owns in Steven Speilbergs Dreamworks..(allegedly routed through loans taken by RCOM and RInfra) and all others that can be extracted from Amitabh jhunjhunwala, the global fund manager and closest associate of Anil Ambani; who shifted base to Dubai and Singapore, coincidentally from late 2019/2020, and played a major role in the RISEE restructuring, that is set to fall flat under the weight of investigations