Reliance Infrastructure Denies Fund Diversion Amid ED Probe

Reliance Infrastructure Limited has firmly rejected accusations of fund diversion, emphasizing its commitment to financial transparency. The company reported to stock exchanges that its financial statements have been publicly disclosed, countering recent allegations.

In an unfolding saga, Anil Ambani, a key figure in the Indian industrial landscape, is under scrutiny as the Enforcement Directorate summons him for interrogation. This development is part of an ongoing investigation into a staggering Rs 17,000-crore loan fraud case. Ambani's scheduled appearance at the ED headquarters in New Delhi on August 5 underscores growing concerns over potential financial irregularities and breaches of the Prevention of Money Laundering Act.

Last week, the ED's extensive search operation targeted 35 premises, 50 companies, and over 25 individuals connected to the Reliance Anil Ambani Group. Reliance Infrastructure has clarified that past allegations of Rs 10,000 crore diversion are overstated, indicating an actual net exposure of Rs 6,500 crore, as consistently detailed in its financial disclosures over four years. The company has diligently pursued mediation, culminating in a settlement to recover its total exposure. Anil Ambani has not held a director's position at Reliance Infrastructure for over three years, since March 2022.

(With inputs from agencies.)