Hawala Allegations: ED Seizes Rs 55 Crore in Reliance Infrastructure Probe

The Enforcement Directorate has seized bank accounts of Reliance Infrastructure, claiming the company siphoned funds from highway projects to the UAE. Allegedly, the funds were funneled through shell companies and involved in hawala transactions, causing bank loans to default and financial losses.

In a significant move, the Enforcement Directorate disclosed on Wednesday that it has seized bank accounts valued at Rs 55 crore belonging to Anil Ambani's Reliance Infrastructure. This action is part of a broader probe under the Foreign Exchange Management Act (FEMA) linked to hawala transactions.

The agency claims that Reliance Infrastructure, via special purpose vehicles (SPVs), reportedly diverted funds from highway projects awarded by the National Highways Authority of India (NHAI) to the UAE, bypassing regular channels illegally.

The funds were channeled through shell companies under false pretexts, allegedly engaging in international hawala transactions and causing bank loans to turn into non-performing assets, thus impacting financial institutions adversely.

(With inputs from agencies.)