The Enforcement Directorate (ED) has seized assets worth Rs 2,032.81 crore linked to Reliance Power Ltd (RPL), as part of an ongoing investigation under the Foreign Exchange Management Act (FEMA), according to an official statement.
The action follows allegations that loans taken by companies in Anil Ambani’s Reliance group, including Reliance Power, were illegally diverted to other entities. The Central Bureau of Investigation (CBI) has registered a case alleging a fraud of about Rs 40,000 crore, while the ED is also probing the matter under money-laundering provisions.
The ED said the seized assets include RPL’s bank accounts, shares held in its Sasan Power company, and certain assets located overseas.
During the probe, the agency stated that Reliance Natural Resources, linked to RPL, raised $275 million and invested it in a subsidiary in Singapore. The funds were later placed as a deposit in a bank in Geneva, Switzerland, and were allegedly parked abroad for the benefit of the Anil Ambani group, the ED said.
