In compliance with a recent Supreme Court directive, the Enforcement Directorate has established a special investigation team to tackle massive money laundering allegations totalling roughly ₹40,000 crore against Anil Ambani and various Reliance Group entities. As the agency intensifies its probe, Tina Ambani was summoned for questioning on Monday regarding the purchase of a ₹70 crore Manhattan apartment — a transaction central to the arrest of senior Reliance executive Punit Garg last week — but she did not appear and is expected to be re-summoned.
Investigators suspect this New York property was bought using funds siphoned from loans provided by an SBI-led consortium to Reliance Communication, citing a complex network of shell companies and sham investment arrangements involving a Dubai-based entity with ties to a Pakistan-linked individual.
The apex court's February 4 order mandated the registration of separate cases for each instance of alleged loan diversion, which prompted both the ED and the Central Bureau of Investigation to prepare several filings concerning over a score of loans from multiple financial institutions. So far, the ED has searched 46 premises, attached 204 properties valued at over ₹12,000 crore, and registered three distinct enforcement case investigation reports under the PMLA.
These reports cover massive defaults at Reliance Commercial Finance Ltd and Reliance Home Finance Ltd, the outstanding debt of Reliance Communications, and allegations of forged bank guarantees submitted by Reliance Power Ltd. With the court ordering the SIT to examine every financial transaction and determine the total proceeds of crime, the matter is set for the next hearing on March 10.
Also read: Reliance Consumer gets global rights of Brylcreem, Badedas
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