NEW DELHI: The Enforcement Directorate on Friday conducted searches at multiple locations in Mumbai and Hyderabad against entities linked to industrialist Anil Ambani's Reliance Power Limited, the agency said.
The central agency carried out raids at about 10 to 12 premises linked to the company and its executives are being searched across the two cities. About 15 teams of the agency are involved in the operation, officials said.
The agency is probing multiple companies linked to Ambani in connection with an alleged bank fraud-linked money laundering case, as well as suspected financial irregularities under the Foreign Exchange Management Act.
However, Reliance Power denied that the federal probe agency raided any of its offices or premises. The company said in a statement, "…in reference to various media reports alleging that the Enforcement Directorate has conducted raids at locations linked to Reliance Power Limited. In this regard, the Company would like to clarify that, to the best of its knowledge, no such action has been carried out at any of the offices or premises of the Company."
Ambani, 66, has already been questioned twice by the ED under provisions of the Prevention of Money Laundering Act as part of the investigation. The ED has also formed a special investigation team (SIT) to probe cases involving companies of the Anil Dhirubhai Ambani Group, following directions from the Supreme Court of India.
The action follows ED's earlier provisional attachment of Ambani's luxury Mumbai residence 'Abode' at Pali Hill, valued at over Rs 3,716 crore. The investigative agency said that the total value of the attached assets linked to Anil Ambani's Reliance Group is now around Rs 15,700 crore.
The agency had initiated a probe based on the CBI’s FIR against Reliance Communications Ltd. (RCOM), Anil Ambani, and others. RCOM and its group companies availed loans from domestic and foreign lenders of which a total amount of Rs 40,185 crore is outstanding, the agency said.
The case pertains to multiple alleged bank frauds by Anil Ambani's group companies Reliance Communications Limited (RCom), Reliance Commercial Finance Limited and Reliance Home Finance Limited.
