ED searches 10-12 locations in Reliance power-linked Money laundering case

The Enforcement Directorate (ED) on Friday conducted searches at several locations in Mumbai and Hyderabad as part of an ongoing money-laundering investigation linked to Reliance Power , a company associated with businessman Anil Ambani , officials said.

According to sources in the federal agency, around 10 to 12 premises connected to the company and some of its executives were searched in coordinated operations carried out by nearly 15 teams of the ED . The searches were conducted simultaneously at various locations believed to be linked to individuals and entities associated with the company.

The action forms part of a wider probe into suspected money laundering arising from alleged bank loan fraud involving companies connected to the Anil Dhirubhai Ambani Group (ADAG). Investigators are also examining possible financial irregularities under the Foreign Exchange Management Act (FEMA).

Officials said the ED has been tracking financial transactions and fund flows related to several companies linked to the group as part of the investigation. During the course of the probe, Ambani, 66, has already been questioned twice by the agency under provisions of the Prevention of Money Laundering Act (PMLA).

The investigation gained further traction after the ED constituted a Special Investigation Team (SIT) to examine the allegations against companies linked to Ambani. The move followed directions from the Supreme Court of India .

According to submissions made by the agency to the apex court, the ED has registered three separate money-laundering cases involving companies under the ADAG umbrella to probe allegations of bank loan fraud and other financial irregularities.

Meanwhile, Reliance Power said in a statement to stock exchanges that no searches were conducted at any of its offices or premises , adding that the company had no knowledge of such action. The investigation is ongoing and further details are expected as the probe progresses.