The Enforcement Directorate (ED) has conducted raids against Anil Ambani Group (ADAG) company Reliance Power at multiple locations in Mumbai and Hyderabad as part of a money laundering investigation, as per a report by PTI.
According to PTI, about 10-12 locations linked to Reliance Power and its executives are being searched in the two cities and about 15 teams of the agency are undertaking the action.
Anil Ambani skips ED summon on Feb 27
This came after, Anil Ambani did not appear before the ED on February 27, after the agency summoned him for questioning in a money laundering case. Though a day earlier on February 26, Ambani had appeared at the ED headquarters in Delhi. He deposed before investigators at around 11 am and recorded his statement in the case.
ED forms SIT to probe alleged ADAG fraud case
The Enforcement Directorate, complying with the Supreme Court order, has constituted a special investigation team (SIT) to probe the alleged banking and corporate fraud worth Rs 40,000 crore involving the Anil Dhirubhai Ambani Group (ADAG) and linked entities.
The ED had recently attached Ambani’s Mumbai residential property ‘Abode’ located in Pali Hill, valued at Rs 3,716.83 crore, in connection with its money laundering probe linked to Reliance Communications (RCOM), another company of Anil Ambani Group. Earlier, part of the same property worth Rs 473.17 crore had already been attached.
With the latest action, the total value of properties attached in cases linked to the Reliance Anil Ambani Group has crossed Rs 15,700 crore.
Earlier, the ED had also attached over 132 acres of land in Dhirubhai Ambani Knowledge City worth Rs 4,462.81 crore as part of the same investigation.
The attachment was linked to alleged bank fraud cases involving Reliance Communications, Reliance Commercial Finance and Reliance Home Finance.
Probe based on CBI FIR
The ED launched its investigation based on a First Information Report filed by the Central Bureau of Investigation (CBI) against Reliance Communications, Ambani and others.
The FIR invoked sections 120-B, 406 and 420 of the Indian Penal Code along with provisions of the Prevention of Corruption Act.
According to the ED, RCOM and its group companies had availed loans from domestic and foreign lenders, with outstanding dues of about Rs 40,185 crore.