Mumbai’s corporate corridors buzzed with tension Friday as the Enforcement Directorate (ED) unleashed a barrage of raids targeting Anil Ambani and Reliance Power affiliates. Insider sources confirmed searches at 10-12 locations across the city, focusing on residences and offices of those intertwined with the company’s operations. Fifteen ED squads initiated the dawn raids, poring over financial records amid whispers of fund diversion.
The probe zeroes in on murky financial flows and transactions at Reliance Power, though details remain under wraps pending an official ED communique. This move amplifies prior actions against Ambani’s portfolio.
Notably, the ED had provisionally attached Ambani’s lavish Pali Hill property ‘Abode’—worth Rs 3,716.83 crore—in an RCom-related bank fraud under PMLA. A prior partial attachment stood at Rs 473.17 crore, handled by ED headquarters.
Echoing this, CBI teams stormed Ambani’s homes and RCom offices end of last month, triggered by Bank of Baroda’s FIR. Allegations include a criminal plot causing Rs 2,220 crore losses through loan fraud: RCom allegedly routed borrowings to associates via fake trades, misapplied funds, and doctored accounts to evade detection.
Key documents seized by CBI illuminate these maneuvers, implicating Ambani as RCom’s ex-chairman. As ED’s current raids unfold, they threaten to unearth deeper links to Reliance Power. This dual-agency offensive highlights India’s resolve against white-collar crimes in energy and telecom sectors, with potential fallout for investors and the market at large.