The Enforcement Directorate launched searches at 10-12 locations linked to Reliance Power Ltd., part of Anil Ambani’s group, in Mumbai and Hyderabad on Friday morning as part of a money laundering probe.
Probe Background
Fifteen ED teams targeted company executives and associated premises over alleged bank fraud and financial irregularities under PMLA and FEMA. This follows the recent attachment of Anil Ambani’s Mumbai residence ‘Abode’ (Rs 3,500-3,716 crore) and his two prior questioning sessions. The Supreme Court-directed SIT is handling multiple ADAG cases involving over Rs 24,000 crore in alleged fraud.
Raid Details
Searches began early, focusing on Mumbai and Hyderabad sites without disclosed specifics to protect the investigation. No immediate company response was available, though past raids saw full cooperation claims with no business impact. ED has filed three laundering cases against ADAG firms for loan fraud and FEMA violations.
Ongoing Scrutiny
Ambani, 66, faces probes into fund diversions across group entities like Reliance Communications. Recent actions include Rs 1,800 crore asset attachments in January, building on years of investigations. Markets await outcomes as Reliance Power shares react to enforcement pressures.
