Anil Ambani Reliance Share: Anil Ambani’s Reliance Group companies are in bad shape today. Shares of both Reliance Power and Reliance Infrastructure are under pressure today.

At 9:47 am, Reliance Power shares were trading 0.48 per cent lower at Rs 39.13 per share and Reliance Infrastructure shares were trading 0.53 per cent lower at Rs 168 per share on BSE. The reason behind the fall in Reliance shares is the action of ED (Enforcement Directorate). In fact, on Thursday, ED took major action against Anil Ambani’s Reliance Group and attached assets worth Rs 1452 crore in the money laundering case.

Reliance gave clarification on ED’s action

ED said on Thursday that it has attached assets worth Rs 1,400 crore related to Reliance Communications (RCOM). However, Reliance Group has clearly stated that it has nothing to do with the assets related to RCom as it is not a part of Reliance Group since 2019. There is panic among investors due to ED action, whose impact is visible on the shares.

Reliance Group clearly said on Thursday that the group and its managing director Anil Ambani are not associated with Reliance Communications in any way. Ambani had resigned from RCom six years ago in 2019. Apart from this, he has not been on the board of directors of Reliance Infrastructure and Reliance Power for more than three and a half years.

company going through bankruptcy

RCOM is undergoing the Corporate Insolvency Resolution Process (CIRP) under the supervision of the National Company Law Tribunal (NCLT) and the Supreme Court and is being managed by a resolution professional appointed by the lenders led by State Bank of India. A Reliance Group spokesperson stressed that Anil Ambani has nothing to do with RCOM since his resignation in 2019, hence the attachment order will not affect Reliance Infrastructure or Reliance Power, both the companies are functioning normally.

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Another big action by ED on Anil Ambani’s Reliance Group, assets worth Rs 1400 crore seized

Anil Ambani: Central investigation agency ED (Enforcement Directorate) has taken major action against Anil Ambani’s ADAG Group companies. Under a new provisional attachment order, immovable properties worth about Rs 1400 crore have been seized. Along with this, ED has till now attached properties worth Rs 9000 crore belonging to ADAG Group. These seized properties are in Navi Mumbai, Chennai, Pune and Bhubaneswar. This action is part of the investigation related to money laundering. ED says that the investigation is ongoing and further assets can be attached if needed.

What is ED’s allegation?

ED had earlier also attached assets worth Rs 7500 crore under the same investigation, which is based on alleged financial irregularities related to Ambani’s group companies. The investigation is still ongoing and the ED is expected to release more details about the nature of the assets and their link to the transactions under investigation.

The agency had last interrogated Ambani in August. This investigation of ED is related to Jaipur-Ringas Highway Projects, for which the contract was given to Reliance Infra in the year 2010. The agency alleges that from this project, Rs 40 crore was sent abroad through shell companies of Surat. This could be part of a big international hawala network worth more than Rs 600 crore.

CBI also filed FIR

Earlier, while registering FIR, CBI has also leveled charges of fraud, conspiracy and corruption against Anil Ambani, RCOM and others. It was told that between 2010 and 2012, a loan of more than Rs 40,000 crore was taken from some banks in India and abroad. Out of the accounts to which this money was transferred, 5 have been declared fraud by the bank.

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