By Gloria Nosa
Indian authorities have confiscated a high-end residential property belonging to billionaire businessman Anil Ambani as part of an ongoing investigation into alleged large-scale bank fraud involving billions of dollars in unpaid loans.
The Enforcement Directorate (ED), India’s agency responsible for tackling money laundering and financial crimes, confirmed it had provisionally seized Ambani’s 17-storey luxury apartment complex, known as “Abode,” located in the affluent Pali Hill area. The property is estimated to be worth about $410 million.
According to investigators, Ambani and companies linked to him allegedly failed to repay loans exceeding 400 billion rupees (approximately $4.4 billion), which were obtained from both domestic and international financial institutions.
Ambani, chairman of the Reliance Group, is the younger brother of Mukesh Ambani, Asia’s wealthiest individual. The brothers inherited their late father’s business empire but divided it between themselves in 2002, creating separate corporate entities.
Authorities claim that Ambani had transferred ownership of the seized luxury building into a private family trust in what investigators believe was an attempt to protect the asset from creditors and legal claims related to loan guarantees he had personally provided.
The Enforcement Directorate also accused Ambani of diverting significant portions of borrowed funds into privately controlled firms and personal investments, rather than using them for their intended business purposes.
So far, Indian authorities have frozen or seized assets valued at over 157 billion rupees linked to Ambani’s former telecom company, Reliance Communications, which collapsed under mounting debt. Additional investigations are ongoing into other companies connected to the businessman, including financial services firms previously under his control.
In a separate development, India’s Central Bureau of Investigation (CBI) has opened another criminal case against Ambani following a complaint from Bank of Baroda. The allegations include conspiracy, fraud, and financial misconduct.
Reliance Communications was officially declared a fraudulent account by a consortium of Indian banks led by the State Bank of India, further deepening Ambani’s legal and financial troubles.
Ambani, 66, has faced severe financial challenges in recent years and has been forced to sell several assets and business units in an effort to repay creditors. His telecom and financial services businesses have since entered insolvency proceedings as lenders moved to recover outstanding debts.
India’s Supreme Court has also directed investigators to intensify their probe by forming a special investigative team. The case remains ongoing, with further court proceedings expected in the coming weeks.
