The Directorate of Enforcement (ED) on Friday carried out searches at several premises linked to industrialist Anil Ambani and Reliance Power Ltd in Mumbai, according to reports.
The action comes as part of an ongoing investigation into suspected financial transactions and fund transfers connected with the power company. News agency IANS mentioned agency sources as saying that the searches were conducted simultaneously at around 10 to 12 locations across the city.
Officials said nearly 15 specialised teams of the financial probe agency began the operation early in the day. The searches were focused on offices as well as residential premises connected with individuals linked to the company.
The ED has not issued an official statement on the development as yet.
Previous probe into Reliance group entities
The searches come amid a series of investigations involving companies linked to Anil Ambani.
Earlier, the ED had provisionally attached a luxury residential property named ‘Abode’ in Mumbai’s Pali Hill area, valued at Rs 3,716.83 crore, in connection with a bank fraud case involving Reliance Communications Ltd.
According to an official statement issued earlier by the agency, the property was attached under provisions of the Prevention of Money Laundering Act (PMLA), 2002. Part of the same property, worth Rs 473.17 crore, had already been attached in the case earlier.
Separately, the Central Bureau of Investigation (CBI) had also conducted searches last month at the residence of Anil Ambani and at the offices of Reliance Communications (RCom) after registering another case against the company.
The case was filed following a complaint by Bank of Baroda, which alleged that the bank suffered losses exceeding Rs 2,220 crore in connection with loans extended to Reliance Communications.
According to the FIR, the loans were allegedly diverted and misused through fictitious transactions involving related entities. Investigators also alleged that the company’s accounts were manipulated to conceal irregularities.
Following the registration of the case, the CBI carried out searches at the residence of Anil Ambani and the registered offices of Reliance Communications and recovered documents related to the loan transactions, the agency said.