loan diversion
Reliance Power CFO Arrested: ED Detains Anil Ambani's Aide in Rs 68 Crore Bank Guarantee Fraud Case
Oct 11, 2025 01:55 pm CST
The Enforcement Directorate has arrested Ashok Kumar Pal, CFO of Reliance Power and aide to Anil Ambani, for alleged money laundering involving fake bank guarantees worth Rs 68 crore submitted to a government energy corporation. The case connects to broader investigations into the Ambani group concerning potential loan diversions exceeding Rs 17,000 crore across multiple companies, with authorities uncovering sophisticated fraud techniques including spoofed banking domains and shell companies.
ED Conducts FEMA Raids at Reliance Infrastructure Locations Over Alleged Illegal Foreign Remittances
Oct 01, 2025 12:52 am CST
The Enforcement Directorate has conducted searches at six locations linked to Anil Ambani's Reliance Infrastructure in Maharashtra and Madhya Pradesh as part of a FEMA investigation into alleged illegal foreign remittances. The company claims the matter dates back 15 years and involves a domestic highway contract with no foreign exchange component, while asserting the raids have not impacted business operations or stakeholders.