The Enforcement Directorate (ED) has temporarily attached industrialist Anil Ambani’s 17-story luxury home “Abode” in Mumbai’s Pali Hill, which is worth Rs 3,716 crore, in a major escalation of the financial and legal issues surrounding him. In relation to alleged bank loan fraud and money diversion connected to Reliance ADA Group firms, the action was initiated in accordance with the Prevention of Money Laundering Act (PMLA). The attachment represents one of the most valuable personal assets to be temporarily taken during a recent corporate fraud probe.
The action, according to officials, comes after continuing investigations into financial transactions involving group companies, especially the financial services and telecom divisions that fell behind on significant loan obligations. Following Anil Ambani and his older brother Mukesh Ambani’s 2005 separation of the Reliance empire, the younger Ambani assumed control of companies in the telecom, infrastructure, power, financial services, and entertainment sectors. Reliance Communications (RCOM), the group’s flagship telecom division, was one of India’s top mobile service providers during its height.
The telecom sector faced intense price wars after Reliance Jio’s 2016 entry, eroding margins and pushing debt-laden RCOM into insolvency. Other group firms, including Reliance Infrastructure and Reliance Capital, also struggled with mounting debt, with several loans classified as NPAs or flagged for irregularities. Investigations by the CBI and ED over alleged cheating, criminal conspiracy, and money laundering are ongoing, including the provisional attachment of the Pali Hill residence to secure assets linked to proceeds of crime.
