Dawn raids by the Enforcement Directorate shook Mumbai on Friday, with teams descending on 10-12 spots tied to Anil Ambani and Reliance Power. Agency sources disclosed that 15 specialist units executed the searches at offices and homes of connected personnel, delving into suspected fund diversions and financial manipulations.
This PMLA-driven inquiry targets irregularities in Reliance Power’s dealings, amid the ED’s ongoing offensive against white-collar crimes. Official reticence belies the raids’ gravity, building on prior high-profile interventions.
Notably, the ED had confiscated Ambani’s lavish ‘Abode’ in Pali Hill—worth ₹3,716.83 crore—in the RCom fraud matter, succeeding a ₹473.17 crore portion attachment. The CBI’s end-of-month operations at Ambani’s properties and RCom sites responded to Bank of Baroda’s claims of a massive ₹2,220 crore fraud through conspiratorial loan misuse, sham entity transfers, and account fiddling under criminal and corruption statutes.
Key documents retrieved bolster the case against Ambani and cohorts. With mounting evidence, Reliance Power grapples with existential threats. These raids may expose systemic vulnerabilities, urging reforms in corporate financing and heralding a new era of stringent enforcement in India’s power domain.