The Enforcement Directorate (ED) on Friday carried out searches at multiple locations in Mumbai and Hyderabad as part of an ongoing investigation into entities linked to Reliance Power Ltd., a group company of businessman Anil Ambani, officials said.
The federal probe agency deployed around 15 teams to conduct searches at approximately 10–12 locations connected to the company and its executives. The raids were carried out in connection with a money laundering investigation linked to alleged bank loan fraud and other financial irregularities.
However, Reliance Power denied that any action had been taken against its offices or premises.
In a statement furnished to stock exchanges, the company said, “To the best of its knowledge, no such action has been carried out at any of the offices or premises of the Company.”
Officials said the searches form part of a broader probe into companies associated with the Anil Dhirubhai Ambani Group (ADAG). The ED is examining allegations of financial irregularities under the Prevention of Money Laundering Act (PMLA) as well as violations under the Foreign Exchange Management Act (FEMA).
Sources said the investigation is focused on suspected irregularities involving bank loans and related financial transactions.
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Anil Ambani, chairman of the Reliance Group, has already been questioned twice by the ED under the anti-money laundering law in connection with the case.
The investigation gained momentum after the Supreme Court directed the agency to look into allegations concerning Ambani group companies. Following these directions, the ED constituted a special investigation team (SIT) to examine the allegations.
According to information submitted by the agency to the apex court, three separate money laundering cases have been registered against companies belonging to the ADAG.
These cases are aimed at probing alleged bank loan fraud and other financial irregularities involving entities associated with the group.
Officials said the searches carried out on Friday were intended to gather documents and digital evidence that could shed further light on the financial transactions under scrutiny.
The ED has not yet issued an official statement detailing the outcome of the searches.
Investigations in the matter are continuing, and further action will depend on the evidence collected during the raids, officials added.
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