ED raids Anil Ambani's properties in money laundering case
The Enforcement Directorate (ED) just carried out major raids at 10 to 12 locations tied to Reliance Power and businessman Anil Ambani, in Mumbai and Hyderabad.
This is all part of a bigger investigation into suspected money laundering, bank loan fraud, and financial irregularities linked to the company.
ED has formed SIT after SC directions
About 15 ED teams searched offices and residential premises; the action is part of a probe into alleged suspicious fund transfers and other financial irregularities.
The investigation is part of three cases against the Anil Dhirubhai Ambani Group (ADAG); the ED has formed a Special Investigation Team (SIT) after directions from the Supreme Court.
Anil Ambani has already been questioned twice under anti-money-laundering laws. The CBI has alleged that he and Reliance Communications cheated Bank of Baroda of about ₹2,220 crore through fictitious transactions.
The ED has also attached his Mumbai home Abode, worth ₹3,500 crore, as part of the ongoing probe.