More trouble for Anil Ambani | ED conducts searches in 2 states in FEMA probe against Reliance Infra

The Enforcement Directorate on Tuesday conducted searches in Maharashtra and Madhya Pradesh as part of a FEMA investigation being conducted against Anil Ambani Group company Reliance Infrastructure, official sources said. At least six premises in Mumbai and Mhow in Indore were raided, they said. The searches are part of a Foreign Exchange Management Act (FEMA) investigation being conducted against Reliance Infrastructure on charges of making some illegal remittances abroad, they said. The ED has already been investigating alleged financial irregularities and collective loan "diversion" pegged at more than Rs 17,000 crore by multiple group companies of Anil Ambani, including Reliance Infrastructure (R Infra), under the criminal provisions of the anti-money laundering law (Prevention of Money Laundering Act).

The agency action under the PMLA came on a SEBI report alleging that R Infra "diverted" funds disguised as inter-corporate deposits (ICDs) to Reliance Group companies through a company named CLE. It was alleged that R Infra did not disclose CLE as its "related party" to avoid approvals from shareholders and audit panels. The Reliance Group had earlier denied any wrongdoing and said in a statement that the allegation regarding the alleged diversion of Rs 10,000 crore to an undisclosed party was a 10-year-old matter and the company had stated in its financial statements that its exposure was only around Rs 6,500 crore. Reliance Infrastructure had publicly disclosed this matter on February 9, 2025, nearly six months ago, it had said. "Through mandatory mediation proceedings conducted by a retired Supreme Court judge and the mediation award filed before the Honourable Bombay High Court, Reliance Infrastructure arrived at a settlement to recover its 100 per cent exposure of Rs 6,500 crore," the company said. Ambani, as per the statement, was not on the board of R Infra for more than three years (since March 2022).