The Enforcement Directorate executed searches in Mumbai and Hyderabad on Friday as part of an ongoing investigation concerning Reliance Power Ltd, associated with businessman Anil Ambani. Reports indicate that around 10 to 12 premises connected to the company and its executives are being scrutinized.

Details of the Operation

As many as 15 teams from the Enforcement Directorate are engaged in the operation, focusing on various locations in the two cities. The agency is investigating multiple entities linked to Ambani for alleged bank fraud and related money laundering activities, as well as possible violations of the Foreign Exchange Management Act.

Ongoing Investigations

Anil Ambani, 66, has faced questioning by the Enforcement Directorate twice under the Prevention of Money Laundering Act as part of this probe. In response to the Supreme Court of India’s instructions, the ED has established a special investigation team to examine cases related to the Anil Dhirubhai Ambani Group.

Legal Proceedings

According to information communicated to the apex court, three money laundering cases have been filed against the Anil Dhirubhai Ambani Group to investigate allegations of bank loan fraud along with other financial irregularities.

Long or Short, get news the way you like. No ads. No redirections. Download Newspin and Stay Alert, The CSR Journal Mobile app, for fast, crisp, clean updates!

App Store –  https://apps.apple.com/in/app/newspin/id6746449540 

Google Play Store – https://play.google.com/store/apps/details?id=com.inventifweb.newspin&pcampaignid=web_share