In a major crackdown on financial irregularities, the Enforcement Directorate (ED) has provisionally attached the luxurious ‘Abode’ bungalow of industrialist Anil Ambani in Mumbai’s elite Pali Hill area. This high-value property, estimated at Rs 3,716.83 crore, pushes the total value of assets seized from the Reliance Communications group beyond Rs 15,700 crore in an ongoing bank fraud and money laundering probe.
The action was carried out under the Prevention of Money Laundering Act (PMLA), 2002, by ED’s Special Task Force. Previously, a portion of this same property worth Rs 473.17 crore had already been attached. The ED’s Wednesday press release detailed how the investigation stemmed from a CBI FIR accusing Reliance Communications Ltd (RCom), Anil Ambani, and others of criminal conspiracy, breach of trust, cheating, and corruption.
Investigators uncovered that RCom and its subsidiaries borrowed massive sums—totaling over Rs 40,000 crore—from domestic and foreign banks, much of which remains unpaid and classified as non-performing assets (NPAs). A key revelation was the transfer of the Pali Hill bungalow to a private family trust linked to the Ambani family, ostensibly to sever direct ties with Anil Ambani amid corporate restructuring.
ED alleges this was a deliberate scheme to shield the asset from personal guarantees Ambani provided for RCom’s bank loans. While public sector banks grapple with recovering stuck funds, the property allegedly continued to benefit the Ambani family. ‘Our commitment is to safeguard India’s financial system and public money by identifying and attaching laundered assets,’ ED stated, vowing to continue the probe.
This development underscores the government’s aggressive stance against corporate defaulters, sending ripples through Mumbai’s business circles. With RCom’s debt saga dragging on, questions mount over accountability for one of India’s once-prominent tycoons. Further investigations are underway, promising more revelations in this multi-crore scandal.