Reliance Group Under Scrutiny: Massive Asset Freeze in Laundering Probe

India's financial watchdog has taken decisive action in a high-stakes money-laundering investigation, freezing assets valued at 30.84 billion rupees linked to the Reliance Anil Ambani Group. These assets, estimated at $350.87 million, are tied to loans acquired from YES Bank between 2017 and 2019.

According to a government source, the funds secured by the Reliance group were invested with negligible returns, prompting the Enforcement Directorate to block any transactions involving key residential and land assets in major cities, including Mumbai, Delhi, and Chennai. The investigation points to possible breaches of financial regulations concerning investments by Reliance Home Finance Ltd and Reliance Commercial Finance Ltd.

Charges also implicate Reliance Communications Ltd in significant fund diversion and laundering activities. The scope of the probe has widened to uncover further malpractices in loan evergreening and fund rerouting, with accrued diversion exceeding 136 billion rupees. As the case unfolds, it raises serious questions about financial governance and accountability within these major corporates.