ED Raids: Unveiling the Heat on Anil Ambani's Reliance Power

The Enforcement Directorate (ED) conducted searches in Mumbai and Hyderabad concerning Reliance Power Ltd., linked to businessman Anil Ambani. While Reliance Power denied the raids, the ED investigates alleged bank fraud and money laundering linked to Ambani's companies, with a Supreme Court-directed special investigation team on the case.

The Enforcement Directorate (ED) carried out searches across multiple locations in Mumbai and Hyderabad as it investigates entities related to Reliance Power Ltd, a firm linked to businessman Anil Ambani. According to officials, the operation involves 10-12 sites connected to the company.

Reliance Power denied any raids on their premises, issuing a statement to the stock exchanges affirming that, to their knowledge, no such actions occurred. The ED's investigation includes allegations of bank loan fraud and financial irregularities under the Foreign Exchange Management Act (FEMA).

Anil Ambani, 66, has been interviewed twice by the ED under anti-money laundering laws. A special investigation team, appointed by the Supreme Court, is examining the cases against his group companies. So far, three money laundering cases have been filed against the Anil Dhirubhai Ambani Group (ADAG).

(With inputs from agencies.)