Reliance Group chairman Anil Ambani's Mumbai house, 'Abode', worth Rs 3,716 crore, was attached by the Enforcement Directorate (ED) on Wednesday under the anti-money laundering law.
The 66-year-old is being questioned by the federal probe agency in a case linked to the alleged bank loan fraud involving Reliance Communications (RCOM).
A part of this property, worth Rs 473.17 crore, was attached by the ED in November last year.
Anil Ambani's Rs 3,716 Crore 'Abode'
Anil Ambani's 'Abode' is a 66-metre-high building with 17 floors. It is located in Pali Hill, one of the posh areas of Mumbai.
His residence boasts all sorts of luxury amenities. It has a helipad, a swimming pool, a gym, and a large parking area.
There is also a lounge where his collection of expensive vehicles is kept.
He reportedly owns luxury cars like Rolls-Royce, Lexus, Porsche, Audi, and Mercedes-Benz. He, however, told a UK court that he owns only one car.
What ED Said
The ED said that its investigation has revealed that, among other assets, the Pali Hill property was aggregated into the RiseE Trust – a private family trust of the members of Anil
Ambani's family.
This was done to make it appear as though Ambani is not involved, the probe agency said in an official statement.
"The intended effect of this corporate restructuring was to ensure wealth preservation and resource generation by aggregation of the property in the RiseE trust and shield it from the personal liabilities of Mr Anil Ambani in the form of personal guarantees extended by him to lender banks against the loans sanctioned to RCOM. The property was intended to be beneficially used and owned by the Anil Ambani family and not for the distressed public banks whose loans turned NPA," the ED said.
The agency said that RCOM and its group companies availed loans from domestic and foreign lenders, of which a total amount of Rs 40,185 crore is outstanding.
The total value of the attachment in this case so far stands at about Rs 15,700 crore.
Anil Ambani appeared before the federal probe agency in Delhi for his second round of questioning today. He was earlier grilled in August last year.
