ED Conducts Raids Linked to Anil Ambani and Reliance Power
Enforcement Directorate's Raids in Mumbai
Mumbai, March 6: The Enforcement Directorate (ED) executed multiple raids on Friday targeting various businesses and individuals connected to industrialist Anil Ambani and Reliance Power Ltd.
As per sources from the agency, these coordinated operations were taking place at approximately 10 to 12 locations throughout the financial hub.
A specialized team of around 15 ED units began their searches in the early morning hours, concentrating on the registered offices and residences of individuals associated with the power utility firm, sources revealed.
These searches are reportedly part of an investigation into questionable fund transfers and transactions involving Reliance Power.
As of now, the ED has not released an official statement regarding the raids conducted on Friday.
Previously, the ED had provisionally attached Anil Ambani's luxurious Pali Hill residence, valued at Rs 3,716.83 crore, in connection with a bank fraud case involving Reliance Communications Ltd., according to an official announcement.
The Enforcement Directorate's Special Task Force has provisionally attached this property under the Prevention of Money Laundering Act, 2002 (PMLA). Earlier, a portion of this property was attached for Rs 473.17 crore, as stated by the financial investigative agency.
In a related development, the Central Bureau of Investigation (CBI) also carried out searches at Anil Ambani's residences and the offices of Reliance Communications (RCom) late last month. This followed the registration of a second case against the company based on a complaint from the Bank of Baroda dated February 24, which included charges of conspiracy, cheating under the IPC, and misconduct under the Prevention of Corruption Act.
The case involves Anil Ambani, the promoter and former Chairman of Reliance Communications, along with others, as per a statement from the investigative agency.
The FIR alleges that the Bank of Baroda incurred losses exceeding Rs 2,220 crore due to loans taken by Reliance Communications, which were reportedly misused through fictitious transactions with related parties. It is claimed that the financial records of Reliance Communications Ltd. were manipulated to hide these irregularities.
Following the registration of this case, the CBI has conducted searches at Anil Ambani's residence and the registered offices of Reliance Communications Ltd., recovering various documents related to these loan transactions, the statement noted.