🚨 India ED Freezes US$ 351 Mn Assets of Reliance Anil Ambani Group

• India’s Enforcement Directorate (ED) has provisionally frozen ₹30.84 billion (US$ 350.87 Mn) in assets linked to the Reliance Anil Ambani Group as part of an ongoing money-laundering investigation. • The probe focuses on loans exceeding US$ 568.86 Mn taken from YES Bank between 2017 and 2019, where investments allegedly delivered no returns. • Key Allegations: Funds were part of a scheme to siphon off ₹30 billion (US$ 350 Mn) via Reliance Home Finance Ltd and Reliance Commercial Finance Ltd to shell companies, involving funds routed through mutual funds and alleged bribes to bank officials. • Assets frozen include residential units and land parcels across Mumbai, Delhi, and Chennai, including industrialist Anil Ambani’s family residence. • The ED is separately probing Reliance Communications Ltd and affiliates for the alleged diversion of over ₹136 billion (US$ 1.55 Bn) through loan evergreening and fund rerouting.