ED seizes assets worth over Rs 2,000 crore of Reliance Power
The Enforcement Directorate of India has seized over Rs 2,000 crore in assets from Reliance Power due to alleged money laundering and siphoning of funds to tax havens. Reliance Power maintains that the seizure relates to legacy bonds and overseas investments made with proper approvals.
Why it matters
This is a significant regulatory action against a major Indian conglomerate, highlighting ongoing scrutiny of corporate financial practices.
New Delhi: The Enforcement Directorate (ED) Wednesday said it has seized Indian assets worth Rs 2,033 crore belonging to Reliance Power Ltd (RPL), an entity of the Reliance Anil Ambani Group, under Foreign Exchange Management Act (FEMA), for the alleged siphoning of assets worth an equivalent amount to tax havens of British Virgin Islands (BVI) and Cayman Islands.The attached assets include bank balances of RPL and its shareholding in Sasan Power Limited. "The Headquarter Investigation Unit has seized assets worth ₹2,032.81 crore in India belonging to RPL, which are equivalent to the foreign exchange held outside India in contravention of FEMA," ED said.
Also covering this story
One other newsroom covered this event. We read that version too.
Get smarter about the news
Sign up free for a feed built around what you actually care about, Dive Deeper research on any story, and the full text of every article.
Create free accountAlready have an account? Sign in