MUMBAI: In a major escalation of its financial crime investigations, the Enforcement Directorate (ED) launched coordinated raids on Friday across multiple locations linked to industrialist Anil Ambani and Reliance Power. Sources within the agency revealed that around 10 to 12 premises in Mumbai were simultaneously searched, targeting registered offices and residences of individuals associated with the power company.
The operation, involving approximately 15 specialized ED teams, kicked off early in the morning. Officials combed through documents and records as part of an ongoing probe into alleged suspicious fund transfers and irregular financial transactions tied to Reliance Power. While no official statement has been released by the ED yet, the raids underscore intensifying scrutiny on the Anil Ambani-led business empire.
This fresh action comes amid a series of enforcement measures against Ambani’s ventures. Previously, the ED attached his luxurious Pali Hill bungalow named ‘Abode,’ valued at over Rs 3,716 crore, under the Prevention of Money Laundering Act (PMLA) in connection with a bank fraud case involving Reliance Communications (RCom). An additional portion of the property worth Rs 473 crore had been seized earlier.
Just last month, the Central Bureau of Investigation (CBI) conducted searches at Ambani’s residences and RCom offices following a complaint from Bank of Baroda. The FIR accuses Ambani, the former chairman and promoter of RCom, and others of criminal conspiracy and cheating, resulting in losses exceeding Rs 2,220 crore to the bank. Investigators allege that loans taken by RCom were diverted through fictitious transactions to related parties and misused, with account manipulations to conceal irregularities.
Documents recovered during CBI raids have shed light on these loan transactions, bolstering the case. As probes deepen, questions swirl about the broader implications for Reliance Power and Ambani’s other entities. Stakeholders await official updates, but the multi-agency crackdown signals a no-holds-barred approach to corporate financial misconduct.