ED Raids Multiple Locations Linked to Anil Ambani and Reliance Power

Mumbai, March 6: The Enforcement Directorate (ED) conducted raids on Friday at various locations associated with industrialist Anil Ambani and Reliance Power. According to agency sources, these operations took place simultaneously at different sites across Mumbai.

Sources indicate that approximately 10 to 12 locations in the country’s financial capital were targeted. Around 15 specialized teams from the ED initiated the search operations early in the morning. The raids were conducted at the registered offices and residences of individuals connected to the power company.

The raids are reportedly part of an investigation into suspicious fund transfers and financial transactions linked to Reliance Power. However, the ED has yet to issue an official statement regarding the actions taken on Friday.

Previously, the ED temporarily attached Anil Ambani’s luxurious residential property named ‘Abode’ located in Pali Hill, valued at approximately ₹3,716.83 crores. This action was taken in connection with a bank fraud case involving Reliance Communications Limited.

The ED’s special task force has seized this property under the Prevention of money laundering Act, 2002. A portion of the same property had been seized earlier for ₹473.17 crores.

Additionally, at the end of last month, the Central Bureau of Investigation (CBI) also searched Anil Ambani’s residences and the offices of Reliance Communications (RCom). This action followed a complaint from Bank of Baroda, leading to a second case against the company.

According to the CBI, this case involves criminal conspiracy and fraud, with charges filed under the Indian Penal Code and the Prevention of Corruption Act. The agency’s statement noted that the case has been registered against Anil Ambani, who is the promoter and former chairman of Reliance Communications, along with others.

The FIR alleges that Bank of Baroda suffered a loss exceeding ₹2,220 crores. It is claimed that loans taken by Reliance Communications were diverted and misused through fraudulent transactions with related parties. Additionally, there are allegations of manipulating the company’s accounts to conceal irregularities.

The statement further revealed that following the registration of the case, the CBI conducted a search at Anil Ambani’s residence and the registered office of Reliance Communications Limited, where several documents related to these loan transactions were recovered.

Author Profile

Kuldeep Singh Chundawat: My name is Kuldeep Singh Chundawat. I am an experienced content writer with several years of expertise in the field. Currently, I contribute to Daily Kiran, creating engaging and informative content across a variety of categories including technology, health, travel, education, and automobiles. My goal is to deliver accurate, insightful, and captivating information through my words to help readers stay informed and empowered.