The BRICS TimesThe ED has attached immovable properties worth ₹1400 crore under a new order against the ADAG Group.
The Enforcement Directorate (ED) has taken major action against Anil Ambani’s ADAG Group companies. The agency seized immovable assets worth ₹1400 crore under a new provisional attachment order. With this move, the ED has attached properties worth ₹9000 crore linked to the ADAG Group so far. The seized properties are located in Navi Mumbai, Chennai, Pune, and Bhubaneswar. This action is part of an ongoing money laundering investigation. The ED states the probe is active, and more assets might be attached if needed.
What is the ED’s Accusation?
The ED previously attached assets worth ₹7500 crore under this same investigation. This is based on alleged financial irregularities linked to Ambani’s group companies. The probe is currently ongoing. The ED is expected to release more details about the nature of these assets soon. They will also explain the links to transactions currently under the scanner.
Agency Questioned Ambani in August
The agency questioned Ambani last August regarding this case. This ED probe relates to the Jaipur-Reengus Highway projects. Reliance Infra received the contract for this project in 2010. The agency alleges ₹40 crore was sent abroad via Surat shell companies from this project. This could be part of a massive international hawala network exceeding ₹600 crore.
CBI Also Filed an FIR
The CBI has also filed an FIR earlier in this matter. They accused Anil Ambani, RCOM, and others of fraud, conspiracy, and corruption. Reports say loans over ₹40,000 crore were taken from Indian and foreign banks between 2010 and 2012. The money was transferred to various accounts. Banks have declared five of these receiving accounts as fraudulent.
