Mumbai: The Enforcement Directorate (ED) has provisionally attached shareholding of Reliance Infrastructure Ltd in its key subsidiaries — BSES Rajdhani Power Ltd, BSES Yamuna Power Ltd and Mumbai Metro One Pvt Ltd — as part of its probe into alleged violations of the Prevention of Money Laundering Act (PMLA).
In a regulatory filing on Tuesday, Reliance Infrastructure said the provisional attachment, carried out through multiple orders, involves assets worth around ₹1,575 crore in relation to the company. The action follows ED’s investigations in the Yes Bank-linked fraud cases involving Reliance Home Finance Ltd (RHFL) and Reliance Commercial Finance Ltd (RCFL), as well as the Reliance Communications bank fraud case.
The attachment forms part of a wider ED action against entities of the Reliance Anil Ambani Group, under which assets worth ₹1,885 crore have been provisionally attached in the current round. With earlier attachments, the cumulative group attachment has reached nearly ₹12,000 crore, according to the ED.
The central agency alleged that public funds were fraudulently diverted through complex financial structures, including evergreening of loans, transfers to connected parties and routing of funds through intermediaries. The ED also pointed to alleged violations involving investments routed through Yes Bank, linked to restrictions under SEBI regulations applicable to mutual funds.
Reliance Infrastructure said it has taken legal advice and will take appropriate steps to protect the interests of its shareholders.