ED attaches additional assets worth ₹3,034 cr in RCom case, Ahmedabad's MICA-link emerges

The Enforcement Directorate (ED) has provisionally attached assets worth ₹3,034.90 crore in the Reliance Communications (RCom) bank fraud case, taking the total attachment in Reliance Anil Ambani Group (RAAG) cases to over ₹19,344 crore.

In a development with a Gujarat connection, the probe has brought focus to assets linked to the Ahmedabad region, including a land parcel in Sanand, held in the name of Mudra Institute of Communications Ahmedabad (MICA). The inclusion of this property highlights the wider geographical spread of assets under investigation.

The action has been taken under the Prevention of Money Laundering Act (PMLA) to prevent dissipation of assets and safeguard the interests of banks and the public. The investigation stems from multiple CBI FIRs filed on complaints by major institutions including State Bank of India, Punjab National Bank, Bank of Baroda, and Life Insurance Corporation of India.

According to the ED, RCom and its group entities had availed loans from domestic and foreign lenders, with an outstanding amount of ₹40,185 crore. The probe has revealed diversion and laundering of funds, with assets allegedly held through promoter-linked entities and trusts.

Among the attached assets are properties in Mumbai and Pune, along with shares of Reliance Infrastructure Ltd. Officials stated that some of these assets were structured to shield them from personal liabilities linked to loan guarantees.

Under the law, attached properties can eventually be restored to legitimate claimants, including banks that suffered losses, after due legal process. Further investigation in the case is ongoing.

(This story was taken from syndicated feed and was only edited for style by Gujarat Samachar Digital team)