The Enforcement Directorate on Friday raided several locations in Mumbai and Hyderabad in a money laundering case related to industrialist Anil Ambani’s company Reliance Power Limited. According to officials, about 15 teams of the agency are engaged in this action and about 10 to 12 places related to the company and its officials are being searched.
Which case is being investigated?
This investigation of ED is going on against several companies linked to industrialist Anil Ambani in money laundering case related to alleged bank loan fraud and allegations of financial irregularities under the Foreign Exchange Management Act (FEMA). According to sources, 66-year-old Anil Ambani has already been questioned twice in this case under the Anti-Money Laundering Act.
ED has formed a Special Investigation Team (SIT) on the instructions of the Supreme Court to investigate this case. The agency has informed the apex court that so far three money laundering cases have been registered to investigate bank loan fraud and other financial irregularities related to Anil Dhirubhai Ambani Group (ADAG).