Fresh trouble for Anil Ambani: ED has clamped down on ₹1,885 crore in group assets, provisionally attached in connection with high-profile banking frauds. The agency’s update on Wednesday spotlights deepening inquiries into Yes Bank dealings and RCom defaults.
Under the scanner are Reliance Infra stakes in key infrastructure assets like BSES power firms and Mumbai Metro. Value Corp’s liquid holdings and executive personal investments are also seized, pushing group-wide freezes past ₹12,000 crore.
Core allegations involve Yes Bank’s failed bets on RHFL and RCFL, turning ₹5,000+ crore into toxic debt. Investigators traced roundabout funding from Reliance Nippon via Yes Bank to skirt investment bans, absorbing over ₹11,000 crore taxpayer money.
CBI probes reveal a ₹40,000+ crore loan delinquency saga, with nine banks crying foul. Diversions included evergreening tricks, related-party payouts, and investment parking maneuvers, all breaching terms. Bill discounting masked foreign outflows.
As the noose tightens, this case exemplifies regulatory warfare against entrenched financial misconduct. Expect prolonged legal battles, with potential for broader industry shake-ups and enhanced oversight mechanisms.