Mumbai’s financial landscape was shaken on Friday as the Enforcement Directorate (ED) launched coordinated raids across 10-12 locations linked to industrialist Anil Ambani and Reliance Power. Sources within the agency revealed that around 15 specialized teams descended on the homes and registered offices of individuals and entities associated with the power giant, kicking off searches early in the morning.
The operations targeted suspicious fund transfers and financial transactions tied to Reliance Power, though the ED has not issued an official statement yet. This latest move comes amid a series of probes into the Ambani-led conglomerate’s dealings. Just previously, the ED attached Anil Ambani’s lavish Pali Hill residence, ‘Abode,’ valued at a staggering ₹3,716.83 crore, under the Prevention of Money Laundering Act (PMLA) in connection with a bank fraud case involving Reliance Communications.
That property had already seen a portion worth ₹473.17 crore seized earlier. The attachment was executed by the ED’s Special Task Force headquarters, highlighting the scale of alleged irregularities. Adding to the heat, the Central Bureau of Investigation (CBI) conducted searches last month at Ambani’s residences and Reliance Communications offices following a complaint from Bank of Baroda.
The CBI case accuses Reliance Communications, promoted by Anil Ambani as former chairman, of criminal conspiracy and fraud under the Indian Penal Code and Prevention of Corruption Act. An FIR details how loans worth over ₹2,220 crore were diverted through sham transactions to related parties, with account manipulations to conceal the misdeeds. CBI raids recovered key documents linked to these loan transactions.
As investigations deepen, questions swirl around the financial maneuvers of one of India’s prominent business families. Stakeholders await clarity on the outcomes, while regulators signal zero tolerance for economic offenses. The raids underscore ongoing scrutiny of corporate lending practices and accountability in India’s power and telecom sectors.