Mumbai, March 6: The Enforcement Directorate (ED) conducted raids on multiple locations associated with industrialist Anil Ambani and Reliance Power on Friday. According to agency sources, the operations took place simultaneously at various sites across Mumbai.
Sources indicate that approximately 10 to 12 locations were targeted in the country’s financial capital. Around 15 specialized teams from the ED initiated the search early in the morning. The raids focused on the registered offices and residences of individuals connected to the power company in some capacity.
These actions are reportedly part of an investigation into suspicious fund transfers and financial transactions linked to Reliance Power. However, the ED has not yet issued an official statement regarding the raids that took place on Friday.
Previously, the ED temporarily attached Anil Ambani’s luxurious residence, known as ‘Abode’ in Pali Hill, valued at approximately ₹3,716.83 crores. This action was taken in connection with a bank fraud case involving Reliance Communications Limited.
The ED’s special task force has seized this property under the Prevention of Money Laundering Act, 2002. A portion of this property had already been seized for ₹473.17 crores.
Additionally, at the end of last month, the Central Bureau of Investigation (CBI) also conducted searches at Ambani’s residences and the offices of Reliance Communications (RCom). This was in response to a complaint from Bank of Baroda, which led to a second case being registered against the company.
According to the CBI, this case involves criminal conspiracy and fraud, with charges filed under the Indian Penal Code and the Prevention of Corruption Act. The agency’s statement noted that the case was registered against Anil Ambani, a promoter and former chairman of Reliance Communications, along with others.
The FIR alleges that Bank of Baroda incurred losses exceeding ₹2,220 crores. It is claimed that loans taken by Reliance Communications were diverted and misused through fraudulent transactions with related parties. Additionally, there are allegations of manipulating company accounts to conceal irregularities.
Following the registration of the case, the CBI conducted searches at Anil Ambani’s residence and the registered office of Reliance Communications Limited, where several documents related to these loan transactions were recovered.
–
