The Enforcement Directorate (ED) on 30 September, 2025 carried out searches at six locations in Indore and Mumbai. The action was part of its probe into alleged illegal remittances abroad by Reliance Infrastructure, a company under the Anil Dhirubhai Ambani Group (ADAG). The searches were linked to violations under the Foreign Exchange Management Act (FEMA).
Focus on Loan Diversion Allegations
According to officials, the probe revolves around alleged diversion of loans worth more than INR 17,000 crore by Reliance Infrastructure (R Infra). Findings from a SEBI report claimed that R Infra routed funds to other Reliance Group companies through inter-corporate deposits (ICDs). These transactions were allegedly done via a firm named CLE, which was not disclosed as a “related party.” Officials say this was to avoid approvals from shareholders and audit committees.
ED sources also said they have contacted 39 banks to check whether due diligence was followed when the loans were sanctioned. Questions have been raised on why banks did not flag the defaults earlier.
Reliance Infra’s Response
In a statement, Reliance Infrastructure said that the current ED searches relate to an old matter from 2010. That year, the company had awarded a contract for the Jaipur-Ringus toll road to Prakash Asphaltings & Toll Highways. The company said the project was domestic in nature, with no foreign exchange involved, and was later handed over to the NHAI.
Reliance Infra added that the searches will have “absolutely no impact on the business operations, financial performance, shareholders, employees, or stakeholders of the company.” The firm also said it is cooperating with the authorities.
Nitin Konde
Wider Probe Against Anil Ambani
The action comes as part of a larger investigation into alleged financial irregularities across several ADAG companies. ED officials are looking into suspected laundering of over INR 20,000 crore, some of which may have been moved abroad through undisclosed bank accounts and foreign assets.
Earlier in August, Anil Ambani was summoned to the ED headquarters in New Delhi. His statement was recorded under the Prevention of Money Laundering Act (PMLA). He was asked about foreign assets and transactions linked to his companies.
The ED has also issued a Look Out Circular (LOC) against Ambani, preventing him from leaving India. On August 23, his Mumbai residence was searched by the CBI in a separate case involving alleged misuse of funds received from the State Bank of India.
Previous Arrests and Developments
In a related case, the ED arrested Partha Sarathi Biswal, managing director of Biswal Tradelink Pvt Ltd, on August 1. He is accused of arranging fake bank guarantees worth INR 68.2 crore on behalf of Reliance Power, another ADAG company.
The Reliance Group has consistently denied wrongdoing. It has claimed that past allegations, including those of fund diversion, are based on old matters and that actual exposures were far lower than reported.
Sakshi Jadhav
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