Mumbai, March 6 The Directorate of Enforcement (ED) on Friday conducted a series of raids on various businesses and individuals associated with industrialist Anil Ambani and Reliance Power Ltd.
According to agency sources, the coordinated raids were underway at 10 to 12 locations across the financial capital.
A team of approximately 15 specialised ED units initiated the searches in the early hours, focused on the registered offices and residential premises of people related to the power utility company, sources added.
Sources indicate the searches are part of a probe into suspicious fund transfers and transactions involving Reliance Power.
ED was yet to issue an official statement on the Friday raids.
Earlier, ED provisionally attached the Rs 3,716.83 crore worth posh Pali Hill residential property ‘Abode’ of Anil Ambani in Reliance Communications Ltd.’s bank fraud case, according to an official statement.
Enforcement Directorate Special Task Force, Headquarters, has provisionally attached the Pali Hill residential property under the provisions of the Prevention of Money Laundering Act, 2002 (PMLA). Earlier, part of this property was attached to the extent of Rs 473.17 crore, the statement issued by the financial investigative agency said.
Meanwhile, the Central Bureau of Investigation (CBI) also conducted searches at the residences of Anil Ambani and offices of Reliance Communications (RCom) late last month, after registering a second case against the company on the complaint given by the Bank of Baroda dated February 24 for offences of conspiracy, cheating under the IPC, and criminal misconduct and abuse of official position under the Prevention of Corruption Act.
The case was filed against Anil Ambani, promoter and erstwhile Chairman of Reliance Communications, and others, according to a statement issued by the premier investigative agency
The allegations in the FIR are that Bank of Baroda has suffered a loss of more than Rs 2,220 crore due to the loans availed by Reliance Communication, which were allegedly diverted and misutilised by creating fictitious transactions with related parties. The books of accounts of Reliance Communications Ltd. were manipulated and irregularities concealed.
After registration of this case, the CBI has conducted searches at the residence of Anil Ambani and the registered offices of Reliance Communications Ltd. Various documents connected with these loan transactions have been recovered, the statement said.
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