Authorities Investigate Alleged Overseas Fund Diversion by Firms
MUMBAI
The Enforcement Directorate (ED) on Tuesday carried out searches at six locations linked to Anil Ambani’s Reliance Infrastructure in Mumbai and Indore as part of its ongoing probe into alleged violations under the Foreign Exchange Management Act (FEMA).
According to officials, the action forms part of a larger investigation into suspected illegal remittances and diversion of funds within Ambani’s business empire. Reliance Infrastructure has come under the scanner for allegedly diverting loans worth more than ₹17,000 crore through questionable financial transactions.
The ED suspects that funds borrowed from Indian banks were routed overseas in violation of FEMA regulations. The agency is examining whether these transactions were disguised as legitimate business dealings, potentially causing significant losses to lenders.
Sources said the raids were conducted simultaneously at company premises, including offices in Mumbai and Indore, where investigators seized documents, digital records, and financial statements for further scrutiny. The searches also covered entities and individuals believed to have facilitated the suspected remittances.
This is not the first time Anil Ambani’s companies have come under regulatory scrutiny. Several group firms, particularly those in the power and infrastructure sectors, have faced debt-related challenges over the past decade, raising concerns over loan repayments and financial restructuring. Reliance Infrastructure, one of the key companies in Ambani’s portfolio, operates across power, construction, and defence sectors. The ED is expected to summon senior company officials for questioning in the coming weeks to establish the trail of funds and determine the extent of FEMA violations.
