In a sweeping operation, India’s Enforcement Directorate on Friday raided multiple sites in Mumbai associated with Anil Ambani and Reliance Power executives. Agency sources detailed simultaneous strikes on roughly 12 addresses—offices and private homes—carried out by 15 teams from early morning, hunting for evidence in a suspected financial irregularities case.
Central to the inquiry are claims of illicit fund transfers plaguing Reliance Power, marking yet another chapter in the regulatory pursuit of Ambani’s enterprises. No formal ED announcement has surfaced, fueling speculation on the probe’s scope.
Background reveals ED’s earlier PMLA attachment of Ambani’s ‘Abode’ mansion in Pali Hill, valued at Rs 3,716.83 crore, tied to RCom bank fraud. An initial segment, worth Rs 473.17 crore, was already under lien.
Compounding matters, CBI’s recent forays into Ambani’s residences and RCom headquarters followed Bank of Baroda’s expose. The FIR levels charges of conspiracy, IPC fraud, and anti-corruption violations, quantifying bank dues at over Rs 2,220 crore. RCom loans were purportedly funneled through bogus entities, diverted nefariously, and obscured via accounting sleight-of-hand.
CBI recoveries have fortified the narrative against Ambani and associates. Friday’s ED actions on Reliance Power could signal expanding probes, raising alarms across Ambani’s conglomerate. As authorities dig deeper, the saga underscores vulnerabilities in India’s power financing landscape, urging reforms to safeguard public funds.