The financial watchdog Enforcement Directorate struck hard on Friday, swooping down on several Mumbai addresses connected to Anil Ambani and his Reliance Power operations. According to agency insiders, the raids hit about a dozen spots, including homes and offices of key figures associated with the firm, executed by 15 dedicated teams starting at dawn.
At the heart of this investigation are suspicions of dubious money movements and questionable dealings within Reliance Power. Though the ED has maintained silence officially, the scale of the operation points to serious allegations of financial impropriety.
Contextualizing the raids, Ambani has been under the scanner for months. The ED’s attachment of his opulent ‘Abode’ residence in Pali Hill—pegged at Rs 3,716.83 crore—stems from a money laundering case linked to RCom’s bank fraud. This follows an earlier seizure of part of the property for Rs 473.17 crore under PMLA provisions by the ED’s special task force.
Adding to the pressure, the CBI raided Ambani’s homes and RCom premises late last month over Bank of Baroda’s complaint. The charges invoke criminal conspiracy, fraud under IPC, and corruption laws, claiming over Rs 2,220 crore in bank losses. Funds from RCom loans were allegedly siphoned off via sham deals and diverted improperly, with ledger tampering to hide the trail.
CBI’s document haul from those searches has provided crucial evidence. With ED now piling on, the Ambani group’s power sector arm finds itself in the crosshairs. Industry observers note this could ripple through related businesses, prompting calls for greater transparency in corporate borrowings. The coming days will likely bring more revelations as investigations proceed.