ED raids against Reliance Power Ltd in Mumbai, Hyderabad; company denies
About 10-12 locations linked to the said company and its executives are being searched in the two cities, according to officials.
The Enforcement Directorate on Friday conducted searches at multiple locations in Mumbai and Hyderabad as part of an investigation against Reliance Power Ltd., a group company of businessman Anil Ambani, officials said.
About 10-12 locations linked to the said company and its executives are being searched in the two cities, they said.
About 15 teams of the agency are undertaking the action, the officials said.
A query sent to the Reliance Group did not elicit an immediate response.
The ED is investigating multiple companies linked to Anil Ambani as part of an alleged bank fraud linked money laundering case apart from financial irregularities under the Foreign Exchange Management Act (FEMA).
Anil Ambani, 66, has been questioned twice by the ED under the anti-money laundering law as part of this investigation.
The ED has formed a special investigation team (SIT) to probe the cases against Ambani's group companies on the directions of the Supreme Court.
According to information furnished by the ED to the apex court, it has filed three money laundering cases against the Anil Dhirubhai Ambani Group (ADAG) to investigate charges of bank loan fraud and other financial irregularities.
Reliance Power responds
Later in the day, Reliance Power denied that ED searches were carried out.
“This is in reference to various media reports alleging that the Enforcement Directorate has conducted raids at locations linked to Reliance Power Limited. In this regard, the Company would like to clarify that, to the best of its knowledge, no such action has been carried out at any of the offices or premises of the Company,” Reliance Power says in statement.
(With inputs from agencies)
- The ED's actions are part of a larger investigation into financial misconduct involving Anil Ambani's business empire.
- The Supreme Court has mandated a special investigation into the affairs of the Anil Dhirubhai Ambani Group.
- This case highlights ongoing scrutiny of corporate governance and financial practices in India.
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