Anil Ambani-led Reliance Infrastructure received an order from the Enforcement Directorate (ED) freezing Rs. 77.86 crore in the company’s bank accounts over alleged FEMA violations.
“The Company has today received an Order from ED whereby it has placed lien in the Company’s bank accounts for Rs. 77.86 crore in relation to alleged violations under FEMA,” Reliance Infrastructure said in its regulatory filing on BSE.
The ED had earlier summoned Reliance ADAG promoter Anil Ambani twice in the FEMA case. However, Ambani refused to appear and said he is willing to depose before the federal probe agency through a virtual appearance or a recorded video.
Proceedings under FEMA are civil in nature, unlike the criminal processes under the anti-money laundering law. The investigation relates to the Jaipur–Reengus highway project.
FEMA investigation outdated: Ambani
In a statement earlier, Ambani’s spokesperson said the FEMA matter is 15 years old and dates back to 2010, involving issues linked to a road contractor. The statement noted that Reliance Infrastructure had awarded an EPC contract that year to build the JR Toll Road (Jaipur–Reengus highway), a domestic project with “no foreign exchange component”. The highway was completed and has been with the National Highways Authority of India since 2021.
CBI books Jai Anmol Ambani in Rs 228 cr bank fraud case
Recently, in another major development relating to Anil Ambani, his son Jai Anmol Ambani was booked by CBI for allegedly cheating Union Bank of India of Rs 228 crore, as per a report by PTI.
PTI also reported that the CBI searched Jai Anmol’s residence at Sea Wind, Cuffe Parade.
Share price of Reliance Infrastructure
The share price of Reliance Infrastructure declined nearly 3% in Wednesday’s trade following the announcement made last night.
