ED Searches Reliance Power Locations in Hyderabad, Mumbai
Agency probes alleged bank fraud, FEMA violations tied to ADAG entities.
Hyderabad: The Enforcement Directorate (ED) on Friday searched multiple locations in Mumbai and Hyderabad as part of an investigation involving entities linked to Reliance Power, a group company of industrialist Anil Ambani.
According to officials, nearly 15 teams of the agency searched around 10 to 12 premises connected to the company and its executives in Hyderabad. Reliance Power, however, denied any searches being conducted at its offices or premises.
ED officials said they were investigating multiple companies linked to Anil Ambani in connection with an alleged bank fraud-linked money laundering case. Officials said they are also checking for suspected financial irregularities under the provisions of the Foreign Exchange Management Act (FEMA).
Anil Ambani was earlier questioned twice by the ED under the Prevention of Money Laundering Act (PMLA) as part of the ongoing investigation. In a statement filed with stock exchanges, Reliance Power said that “to the best of its knowledge, no such action has been carried out at any of the offices or premises of the company.”
The agency has also constituted a Special Investigation Team (SIT) to examine cases involving companies belonging to the Anil Dhirubhai Ambani Group (ADAG), following directions issued by the Supreme Court.
The ED submitted before the apex court that three money laundering cases have been registered against entities of the ADAG in connection with alleged bank loan fraud and other financial irregularities.
