ED searches six premises related to Reliance Infrastructure: Report

The Enforcement Directorate on Tuesday searched premises across Maharashtra and Madhya Pradesh related to Anil Ambani Group company Reliance Infrastructure, PTI reported citing sources.

At least six locations in Mumbai and Mhow were raided by the agency.

According to the PTI report, the searches are a part of a Foreign Exchange Management Act (FEMA) investigation being conducted against Reliance Infrastructure on charges of making illegal remittances abroad.


The ED has been investigating the alleged financial irregularities collective loan "diversion" pegged at more than Rs 17,000 crore by multiple group companies of Anil Ambani, including Reliance Infrastructure (R Infra), under the criminal provisions of the anti-money laundering law (Prevention of Money Laundering Act).

The action was based on a SEBI report alleging Reliance Infra of diverting funds disguised as inter-corporate deposits (ICDs) to Reliance Group companies through a company named CLE.

It was alleged that the company did not disclose CLE as its "related party" to avoid approvals from shareholders and audit panels.

The Reliance Group had denied any wrongdoing and said in a statement that the allegation regarding the alleged diversion of Rs 10,000 crore to an undisclosed party was a 10-year-old matter and the company had stated in its financial statements that its exposure was only around Rs 6,500 crore.

"Through mandatory mediation proceedings conducted by a retired Supreme Court judge and the mediation award filed before the Honourable Bombay High Court, Reliance Infrastructure arrived at a settlement to recover its 100 per cent exposure of Rs 6,500 crore," the company said.

Anil Ambani, as per the statement, was not on the board of R Infra for more than three years (since March 2022).