India's enforcement department seizes Anil Ambani’s $446 million Mumbai Pali Hill residence amid RCOM loan probe

• ED attaches Ambani’s Pali Hill residence worth $446 million under PMLA.
• Earlier properties worth $57 million were also attached in the ongoing probe.
• Alleged scheme involved transferring property to RiseE Trust to hide involvement.
• Loans to RCOM and affiliates totaled $482 billion INR (~$5.8 billion USD) and turned non-performing.
• Anil Ambani or RCOM have not issued an official response yet.

The Enforcement Directorate (ED) has provisionally seized Anil Ambani’s Mumbai residence, Abode, located in the prestigious Pali Hill area, valuing the property at ₹3,716.83 crore (~$446 million). This latest action comes under the Prevention of Money Laundering Act (PMLA), adding to prior attachments of Ambani’s properties worth ₹473.17 crore (~$57 million USD).

The ED move is part of a larger investigation initiated after a CBI FIR under sections 120-B, 406, and 420 of the Indian Penal Code, along with relevant provisions of the Prevention of Corruption Act, 1988, targeting Reliance Communications Ltd (RCOM), Anil Ambani, and other associated individuals.

According to an ED spokesperson, RCOM and its group companies had borrowed loans totaling ₹40,185 crore (~$4.82 billion USD) from domestic and foreign lenders. The agency alleges that the Pali Hill property was aggregated into the RiseE Trust, a private family trust of Ambani family members, in a maneuver meant to obscure Anil Ambani’s direct involvement in the asset.

“The corporate restructuring appears intended to preserve family wealth and shield assets from personal liability connected to the personal guarantees Ambani extended for RCOM loans,” the spokesperson stated. “The property was meant for beneficial use and ownership by the Ambani family, not for the distressed public banks whose loans became non-performing.”

ED officials assert that the transfer into the private trust aimed to protect the property from recovery actions by banks whose loans to RCOM and affiliated companies had turned into NPAs. Investigators believe the move allowed the family to maintain control over the high-value asset while circumventing financial responsibility for RCOM’s loan defaults.

Earlier, the ED had attached multiple properties of Anil Ambani totaling ₹473.17 crore (~$57 million USD) as part of the same probe. The current attachment of the Pali Hill residence marks one of the most high-profile property seizures in recent years, given the property’s valuation and the family’s high-profile stature in India’s corporate sector.

A representative for Anil Ambani did not respond to queries from The Indian Express, and no official statement has been released by either Ambani or RCOM regarding the latest enforcement action. The matter continues to develop as the ED proceeds with its investigation into alleged wealth shielding and loan irregularities by the Reliance group.