ED raids Mumbai, Hyderabad locations linked to Anil Ambani's Reliance Power in money laundering probe

Multiple locations in Mumbai and Hyderabad were searched by the Enforcement Directorate (ED) on Friday, as a part of a money laundering investigation against Reliance Power Ltd., a group company of businessman Anil Ambani.  

PTI quoted officials saying, "About 10-12 locations linked to the said company and its executives are being searched in the two cities and 15 teams of the agency are conducting the searchers." 

Earlier, the ED had attached Ambani's Mumbai house 'Abode', worth Rs 3,716 crore under the anti-money laundering law. CBI had said that it registered a fresh case against Ambani and RCOM for allegedly cheating the Bank of Baroda during 2013-17 causing a wrongful loss of more than Rs 2,220 crore to the bank.

Multiple group companies of Anil Ambani face allegations of loan fraud and the ED recently constituted a special investigation team (SIT) to probe all these instances.

The SIT was formed based on recent directions from the Supreme Court.

Ambani has been questioned twice by the ED under the anti-money laundering law as part of this investigation.

According to information furnished by the ED to the apex court, it has filed three money laundering cases against the Anil Dhirubhai Ambani Group (ADAG) to investigate charges of bank loan fraud and other financial irregularities.

Reliance Power said in a statement furnished to the stock exchanges that "to the best of its knowledge, no such action has been carried out at any of the offices or premises of the Company." The ED is investigating multiple companies linked to Anil Ambani as part of an alleged bank fraud linked money laundering case apart from financial irregularities under the Foreign Exchange Management Act (FEMA).

Ambani, 66, has been questioned twice by the ED under the anti-money laundering law as part of this investigation.

The ED has formed a special investigation team (SIT) to probe the cases against Ambani's group companies on the directions of the Supreme Court.

According to information furnished by the ED to the apex court, it has filed three money laundering cases against the Anil Dhirubhai Ambani Group (ADAG) to investigate charges of bank loan fraud and other financial irregularities.

(With PTI inputs)