Shares of Reliance Communications Ltd (RCom) were marginally lower on Thursday, trading at ₹1.25 apiece, after the Enforcement Directorate (ED) announced that it had attached assets worth ₹1,452.51 crore in connection with an alleged money-laundering case linked to the company.
According to the agency, the provisional attachment covers multiple buildings located inside Dhirubhai Ambani Knowledge City (DAKC) and Millenium Business Park in Navi Mumbai, along with land parcels and structures in Pune, Chennai, and Bhubaneshwar. The action was taken under the provisions of the Prevention of Money Laundering Act (PMLA), 2002.
These attachments come in addition to over ₹7,545 crore worth of properties that the ED had previously frozen in alleged bank fraud cases involving Reliance Communications Ltd, Reliance Commercial Finance Ltd, and Reliance Home Finance Ltd.
The agency’s investigation stems from an FIR filed by the Central Bureau of Investigation (CBI), which booked RCom and several individuals under IPC sections and the Prevention of Corruption Act for alleged fraud.
Responding to the development, a spokesperson for Anil Ambani’s Reliance Group said that the attached assets belong to Reliance Communications, which has not been a part of the Reliance Group since 2019. The company has been undergoing the corporate insolvency resolution process (CIRP) for more than six years, with all matters currently sub-judice before the National Company Law Tribunal (NCLT) and the Supreme Court.
Under CIRP, the Resolution Professional manages the company on behalf of lenders while exploring revival options, including ownership changes or asset sales.
