The Enforcement Directorate (ED) headquarters on Tuesday raided the Foreign Exchange Management Act (FEMA) in connection with the alleged illegal foreign remittance. The investigation focuses on Anil Ambani’s Reliance Infrastructure Limited. The ED is conducting raids on six complexes in Indore and Mumbai as part of the investigation of the case. According to officials, the investigation is revolving around several companies of Anil Ambani’s commercial group, especially on Reliance Infrastructure (R Infra), which is accused of diversion of more than Rs 17,000 crore.
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Citing the findings of a SEBI report, the ED alleged that R Infra transferred funds to other institutions of the Reliance Group on the pretext of inter-corporate deposit (ICD). These transactions were allegedly made through a company called CLE, about which investigators claim that R Infra did not reveal it as a “related party”. It is believed that this step was taken to avoid the approval of the compulsory shareholder and audit committee. Earlier in August, Reliance Group President Anil Ambani appeared before the ED in connection with the money laundering investigation related to several fraud cases related to several companies of the group. The 66 -year -old industrialist was summoned at the ED headquarters in New Delhi, where his statement was recorded under the provisions of the Money Laundering Act (PMLA).
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Under a comprehensive investigation of alleged debt fraud, the ED has also approached 39 banks and sought them clarification about possible flaws in proper hard work. The agency has questioned that when the borrowed institutions started lapse in repaying the loan, why did these financial institutions not described the loans as suspicious or why the regulators did not report it.