Mumbai, 14 Oct (HS):

The Enforcement Directorate (ED) has attached assets worth Rs 2,032.81

crore in India belonging to Reliance Power Limited. The action has been taken under

Section 37A of the Foreign Exchange Management Act (FEMA). The seized assets

include money in the bank account of Reliance Power and a stake in Sasan Power

Limited.

The ED said it has attached assets worth foreign

exchange allegedly illegally held abroad by Anil Ambani. The investigation into

the matter has been intensified following inputs from the Securities and

Exchange Board of India (SEBI). It has also been reported that the company's

accounts record write-offs and financial provisions of Rs 2,101.46 crore.

Investigations are ongoing into foreign investments

and advances made to companies in the British Virgin Islands and the Cayman

Islands. In 2006, Reliance Natural Resources Limited raised $300 million

through foreign currency convertible bonds. Of this, $275 million is alleged to

have been invested in a subsidiary in Singapore. Based on these funds, loans

were made to companies in the British Virgin Islands. Investigators suspect

that these companies are controlled from India by the Anil Ambani Group.

It is also alleged that funds were brought back to

India temporarily through foreign entities based in Mauritius and the remaining

amount was parked abroad. The investigation also suspects that back-dated

documents were created to pretend that the transactions were legitimate

business after the loan was not repaid.

Properties worth Rs 9,000 crore have already been

seized

Meanwhile, in November 2025 too, the ED had attached

assets worth about Rs 1,400 crore in a financial misappropriation case

involving the Reliance Group. It is reported that along with the previous

actions, assets worth more than nine thousand crore rupees of the group related

to Anil Ambani have been seized. Anil Ambani's troubles have been compounded by

the ED's actions and investigations into financial dealings involving the

Reliance Group.

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Hindusthan Samachar / Ajay Vasant Mardikar