- Assets worth Rs 2,000 crore linked to Reliance Infrastructure identified by Enforcement Directorate
- ED is investigating alleged Foreign Exchange Management Act violations by Reliance ADA Group
- ED plans to begin attaching these assets within two weeks as part of the ongoing probe
The Enforcement Directorate (ED) has identified assets worth Rs 2,000 crore linked to Reliance Infrastructure Ltd., which is owned by Anil Ambani-led Reliance ADA Group (ADAG), sources have told NDTV Profit.
These assets are now under the ED scanner as part of the agency's larger investigation on the group, regarding alleged violations under the Foreign Exchange Management Act (FEMA). The process of attaching these assets is expected to begin in two weeks, sources add.
This comes on the back of ED recently searching six locations in Mumbai and Indore, connected to Reliance Infrastructure, which in turn, is part of a larger probe into the group for allegedly averting loans and due diligence lapses.
ED has also received inputs from at least 30 banks regarding potential lapses in lending practices in these ADAG firms.
The probe from ED is focused on alleged fund diversion of Rs 17,000 crore across multiple ADAG companies.
ED has also reviwed a CBI chargesheet which was filed last month, which alleged quid pro quo arrangement between Yes Bank and ADAG firms.
ED's review of the CBI chargesheet essentially means that the agency of looking for any overlap of surrounding money laundering and foreign exchange violations.
These development come on the back of a series of actions against ADAG firms and officials, with Anil Ambani notably arriving before ED as part of a Prevention of Money Laundering Act (PMLA) probe.
Last Friday, the agency also arrested Reliance Power CFO Ashok Kumar Pal in connection with a fake bank guarantee scheme.
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