The financial woes of Anil Ambani took a dramatic turn as Enforcement Directorate teams swooped down on several Mumbai locations connected to him and Reliance Power early Friday morning. According to agency insiders, the coordinated raids covered 10 to 12 sites, involving 15 dedicated squads targeting homes and offices of key figures tied to the company.
At the heart of the probe are suspicions of illicit fund movements and opaque dealings within Reliance Power’s financial ecosystem. The ED’s silence on official details hasn’t dimmed the significance of these operations, which echo a pattern of intensified enforcement against erstwhile corporate titans.
Recall that the ED previously seized Ambani’s opulent ‘Abode’ residence in Pali Hill, pegged at over ₹3,700 crore, in connection with RCom’s bank fraud saga. This PMLA attachment followed an earlier grab of part of the property. Meanwhile, the CBI’s late-month raids on Ambani’s homes and RCom headquarters stemmed from Bank of Baroda’s allegations of a ₹2,220 crore scam involving loan diversions, fake deals, and account tampering.
The FIR implicates Ambani and associates in a web of conspiracy and corruption, with recovered documents painting a picture of systematic financial misconduct. As these agencies close in, Reliance Power’s operations face mounting pressure. This latest ED blitz could unravel more layers of alleged malfeasance, potentially reshaping the landscape for India’s beleaguered power conglomerate and serving as a cautionary tale for corporate India.