ED's Crackdown on Anil Ambani's Reliance Infrastructure: A Financial Web Revealed

The Enforcement Directorate has seized over 13 bank accounts of Reliance Infrastructure, linked to the Anil Ambani group, amidst a FEMA investigation. The company is accused of illegally diverting public funds from NHAI highway projects to overseas through sham contracts. Reliance Infrastructure has yet to comment while Ambani was summoned for questioning.

The Enforcement Directorate (ED) declared on Wednesday that it has seized more than a dozen bank accounts, totaling approximately Rs 55 crore, belonging to the Anil Ambani Group's Reliance Infrastructure in connection with a FEMA investigation.

The probe alleges that Reliance Infrastructure Ltd. (R-Infra), via its special purpose vehicles (SPVs), misappropriated public money from highway construction projects assigned by the National Highways Authority of India (NHAI) and transferred the funds abroad illegally.

R-Infra has not yet issued a comment concerning these developments. The ED has confiscated 13 bank accounts with a balance of Rs 54.82 crore due to alleged violations of the Foreign Exchange Management Act (FEMA), according to the federal agency's statement. Funds were reportedly moved under the pretense of fake sub-contracting deals to shell companies based in Mumbai. Last month, the ED summoned Anil Ambani for questioning, though he did not appear.

(With inputs from agencies.)