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 approximately 10 to 12 premises in Mumbai were simultaneously targeted, marking a significant push in probing alleged suspicious fund transfers and irregular financial dealings associated with the power company.
Around 15 specialized ED teams descended on the sites early in the morning, conducting thorough searches at registered offices and residences of individuals connected to Reliance Power. The operation, kept under wraps initially, underscores the agency’s determination to unravel potential money laundering networks tied to the conglomerate’s operations.
This fresh offensive comes amid a series of prior actions against Ambani’s empire. Just months ago, ED had attached his opulent Pali Hill bungalow, ‘Abode,’ valued at over Rs 3,716 crore, in connection with a bank fraud case involving Reliance Communications. That property seizure under the Prevention of Money Laundering Act (PMLA) followed an earlier attachment of a portion worth Rs 473 crore.
The raids gain added context from recent Central Bureau of Investigation (CBI) moves. Late last month, CBI sleuths raided Ambani’s homes and Reliance Communications offices following a Bank of Baroda complaint alleging criminal conspiracy and cheating. The FIR accuses the company of diverting over Rs 2,220 crore in loans through fictitious transactions to related parties, manipulating accounts to conceal irregularities.
CBI recovered crucial documents linking these loan transactions during their searches. As ED maintains silence on today’s operations, insiders hint at deepening inquiries into Reliance Power’s financial web. The industrialist’s group, once a powerhouse in telecom and energy, has faced mounting scrutiny amid mounting debts and legal battles.
Industry watchers see these raids as a stern reminder of regulatory vigilance in India’s corporate landscape. With no official statements yet, the coming days could reveal more on the scale of alleged malfeasance, potentially reshaping narratives around Reliance Power’s beleaguered operations.