Reliance Communications Says ED Conducted Searches At Navi Mumbai Premises
The ED had earlier searched properties linked to Anil Ambani in Mumbai and Delhi over alleged money laundering.
The Enforcement Directorate conducted searches, seizures and freezing actions on Friday at the office of Reliance Communications Ltd. in Dhirubhai Ambani Knowledge City in Navi Mumbai, as per an exchange filing.
Despite these regulatory actions, the company continues to operate normally without any impact on its business activities. "The Company continues to operate in normal course of business," stated the filing.
The ED had earlier searched properties linked to Anil Ambani in Mumbai and Delhi over alleged money laundering, according to people familiar with the matter.
The agency carried out operations at more than 35 premises connected to Reliance Home Finance Ltd., covering around 50 companies and 25 individuals, the people said, adding that the searches were conducted under Section 17 of the Prevention of Money Laundering Act.
The ED is examining if bribes were paid to bank officials, including the founders of Yes Bank, and whether money was received by promoters even before loans were granted, sources said, adding that the agency is also looking into a significant rise in corporate loan disbursals by RHFL between April 2017 and March 2019. Funds from Yes Bank loans were allegedly further diverted to group and shell firms, they said.
