ED Seizes Anil Ambanis Mumbai Condo in Fraud Probe

Indian investigators have provisionally seized a luxury 17-storey condominium in Mumbai owned by businessman Anil Ambani, escalating a probe into alleged bank fraud linked to his telecom company, Reliance Communications. The Enforcement Directorate, the country's anti-money laundering agency, announced the action on Wednesday, targeting the property known as Abode in the upscale Pali Hill neighborhood. Valued at approximately 3,717 crore rupees, the attachment brings the total value of assets seized in the case to over 15,700 crore rupees.

The agency alleges that Ambani, 66, and his companies defaulted on more than 40,000 crore rupees in loans from Indian and foreign banks, with funds diverted through fictitious transactions to related parties and personal investments. Officials stated that the Abode property had been transferred to a private family trust, known as RiseE Trust, as part of a restructuring to protect it from personal liabilities, including guarantees Ambani provided for company loans. This move, according to the Enforcement Directorate, was intended to obscure his involvement.

Ambani, who chairs the Reliance Group, appeared before the agency in Delhi on Thursday...