ED Raids: Reliance Infrastructure Under Investigation
The Enforcement Directorate conducted searches in Maharashtra and Madhya Pradesh, probing Reliance Infrastructure under the Foreign Exchange Management Act. Allegations include illicit remittances abroad and financial irregularities involving over Rs 17,000 crore. Reliance Infrastructure disputes these claims, citing prior mediation and settlements for recovery of funds.
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The Enforcement Directorate (ED) executed a series of searches on Tuesday across six locations in Maharashtra and Madhya Pradesh, targeting Reliance Infrastructure as part of a Foreign Exchange Management Act (FEMA) investigation, say official sources.
The probe is centered on charges against Reliance Infrastructure for allegedly making unauthorized remittances overseas. An initial investigation had already been launched under the Prevention of Money Laundering Act (PMLA) regarding financial discrepancies amounting to over Rs 17,000 crore across several companies linked to industrialist Anil Ambani, including Reliance Infrastructure.
According to a SEBI report, funds were allegedly 'diverted' as inter-corporate deposits through a firm named CLE without proper shareholder or audit disclosures. While Reliance Infrastructure denied these allegations citing prior settlements, the ED continues its investigation.
(With inputs from agencies.)
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