ED Attaches ₹3,716 Crore Mumbai Home of Anil Ambani Amid ₹40,000 Crore Loan Probe

The Enforcement Directorate has provisionally attached industrialist Anil Ambani’s Mumbai residence named “Abode.” The property is estimated to be worth ₹3,716 crore. This action forms part of an ongoing investigation into alleged financial irregularities involving group entities. 

Attachment and Investigation Scope 

According to reports, cumulative attachment actions against Ambani and his group companies now exceed ₹15,000 crore. The probe centres on borrowings of over ₹40,000 crore raised between 2010 and 2012 by Reliance Communications and its affiliates from domestic and overseas banks. 5 of these loan accounts have reportedly been classified as fraudulent by lending institutions. 

The investigation was initiated after a case was registered by the Central Bureau of Investigation based on a complaint from State Bank of India. The scope was later widened to include complaints from Bank of Maharashtra, Bank of Baroda and Bank of India. 

Supreme Court Directions 

The Supreme Court of India has directed the formation of a Special Investigation Team to examine allegations related to the case. It also asked investigative agencies to provide periodic updates on progress and emphasised the need for a comprehensive and fair inquiry. 

The court recorded an assurance from Ambani’s counsel that he will not leave the country and that necessary steps would be taken to ensure the investigation proceeds without obstruction. 

Read More: Anil Ambani Fraud Case Update: Bombay HC Quashes Stay Order, Proceedings to Continue! 

Conclusion 

With attachments exceeding ₹15,000 crore and investigations spanning multiple financial institutions, the case marks a significant development in one of the country’s high-profile financial probes. Further progress reports are expected as investigative agencies continue their examination of the matter. 

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