The attachment orders had been issued on October 31 underneath the Prevention of Cash Laundering Act, the company stated in a information launch Monday.
The order, which could be contested earlier than the Adjudicating Authority, covers 30 properties of Reliance Infrastructure Ltd (RInfra) and property belonging to 5 different group-linked entities. The properties are in Mumbai, Delhi, Noida, Ghaziabad, Pune, Thane, Hyderabad, Chennai, Kancheepuram and East Godavari, comprising workplace premises, residential models and land parcel.
In an announcement to inventory exchanges, RInfra stated there is no such thing as a influence on the enterprise operations, shareholders, staff or some other stakeholders of the corporate from the event. Anil Ambani has not been on the board of RInfra for greater than three-and-a-half years, it stated.
Sources near the group advised ET that the Reliance Centre and the Navi Mumbai property belonged to Reliance Communications (RCom), the defunct and bankrupt telecom firm. Issues pertaining to the decision of RCom are pending earlier than the chapter tribunal and the Supreme Courtroom of India, they stated.
In keeping with the ED, its investigation has revealed diversion of public cash by a number of Reliance ADA Group corporations, together with RInfra, RCom, Reliance Residence Finance Ltd (RHFL), Reliance Industrial Finance Ltd and Reliance Energy Ltd.Between 2010 and 2012, Rcom and its associates reportedly raised hundreds of crores from Indian banks, of which ₹19,694 crore stays excellent, the ED stated. 5 banks have already categorised RCom's mortgage accounts as fraudulent, citing round fund actions, evergreening of debt, and misuse of invoice discounting, it stated.The probe discovered that loans raised by one group entity had been routinely used to repay borrowings of one other, routed to associated events, or invested in mutual funds in violation of the mortgage phrases. Funds totalling greater than ₹13,600 crore had been allegedly used for evergreening loans, whereas ₹12,600 crore had been transferred to related events and ₹1,800 crore had been diverted into mounted deposits or mutual funds that had been later liquidated and rerouted, it alleged.
A significant portion of the investigation focuses on RHFL, the place the ED stated it traced ₹1,465.33 crore in alleged diverted funds to RInfra.
In keeping with the company, it discovered that RHFL deviated from its housing finance mandate to disproportionately sanction basic function company loans to shell entities throughout FY2017-18 and FY2018-19. Mortgage sanctions had been allegedly issued on oral directions from the then chief threat officer and CEO, bypassing due diligence. “The credit score staff neither met the debtors' administrators nor performed web site visits,” stated the provisional attachment order, which ET has seen. In lots of circumstances, mortgage disbursals preceded sanction, whereas in others, purposes, approvals, and agreements had been accomplished on the identical day, it stated.
One of many shell debtors admitted to facilitating fund transfers for a 0.5% fee, the company stated.
Funds had been layered by means of a number of accounts earlier than touchdown with RInfra, the last word beneficiary, it stated.
The ED additionally traced ₹40 crore allegedly siphoned off from a RInfra freeway challenge in Rajasthan, which it stated was routed by means of Surat-based shell companies and remitted overseas through a hawala community.
