Tag: ED

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Beyond

ED searches Vedanta premises in FEMA case

The Enforcement Directorate (ED) has conducted searches at multiple premises linked to the Vedanta Group as part of an investigation under the Foreign Exchange Management Act (FEMA), officials said on Tuesday. The action marks the latest regulatory scrutiny of one of India’s largest mining and natural resources conglomerates.

According to officials, the searches were carried out at locations in Delhi, Mumbai and Rajasthan after the agency initiated a probe into suspected foreign exchange violations. The investigation is being conducted under FEMA’s civil provisions, although authorities have not disclosed the full details of the alleged irregularities.

Reports indicate that the probe is linked to royalty payments made by Vedanta to its parent company, Vedanta Resources. Investigators are examining whether the transactions complied with foreign exchange regulations and whether any FEMA provisions were violated. However, the ED has not officially confirmed the exact nature of the allegations.

The searches reportedly began on Monday and continued at multiple locations connected to the Anil Agarwal-led group. During the operation, officials are understood to have examined financial records, digital data and documents related to overseas transactions and fund flows.

Responding to the development, Vedanta said it was extending full cooperation to investigators. In a statement, the company said it is providing all information sought by the authorities and remains committed to complying with all applicable laws and regulations. The company declined to comment further, citing the ongoing regulatory process.

The investigation comes at a significant time for Vedanta, which is in the process of implementing a major corporate restructuring plan aimed at splitting its businesses into separate verticals. Market sentiment was affected by the news, with Vedanta shares trading lower during the day following reports of the searches.

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Corporate

₹3,700-cr Anil Ambani home seized in money-laundering case

Reliance Group chairman Anil Ambani appeared before the Enforcement Directorate in New Delhi on Thursday for fresh questioning in an ongoing money-laundering investigation linked to Reliance Communications.

The development comes a day after the agency provisionally attached his 17-storey luxury home, Abode, in Mumbai’s Pali Hill locality, valued at around ₹3,716 crore. The property has been frozen under the Prevention of Money Laundering Act, which allows authorities to bar the sale or transfer of assets suspected to be connected to illegal funds.

This is Ambani’s second round of questioning in the case. His statement had previously been recorded in August last year, and officials said the latest summons is part of efforts to gather more details about financial transactions and the structure of group companies.

The ED is examining loans taken by Reliance Communications and its associated firms from Indian and overseas banks. The total outstanding dues are estimated to be more than ₹40,000 crore. Investigators are trying to determine whether a portion of these funds was diverted or routed through different entities in violation of financial regulations.

The attachment of the Pali Hill residence is part of a wider crackdown. A smaller portion of the same property had been attached earlier, and the latest order significantly raises the value of assets brought under the probe.

The high-rise residence is considered one of the costliest private homes in the country and is reported to be linked to a private family trust — a structure that is also under the scanner.

Once among the world’s richest business leaders, Ambani has seen several of his flagship companies face insolvency proceedings over the past decade, particularly in the telecom sector.

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Corporate

Anil Ambani Summoned Again on Nov 14

Anil Ambani, chairman of the Reliance ADAG Group, has been summoned by the Enforcement Directorate (ED) for questioning on 14 November 2025 in connection with a money-laundering investigation.

The probe concerns alleged financial irregularities at Reliance Communications Limited (RCOM) and related group companies, where repayments of borrower loans were reportedly redirected to other entities, allegedly in contravention of sanction terms. Investigators say over ₹13,600 crore was diverted for loan evergreening, ₹12,600 crore channeled to connected parties, and over ₹1,800 crore invested in fixed deposits and mutual funds.

Earlier this week, the ED provisionally attached 132 acres of land at the Dhirubhai Ambani Knowledge City in Navi Mumbai, valued at approximately ₹4,463 crore. In all, the agency has attached assets valued at more than ₹7,545 crore in the case so far.

The bank fraud reportedly involves outstanding loans of around ₹40,185 crore, dating back to borrowings taken between 2010-12, some of which five banks have declared as fraud. The ED’s investigation remains ongoing.

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Corporate

ED Seizes ₹3,000 Crore Reliance Group Assets

The Enforcement Directorate (ED) has attached assets worth over ₹3,000 crore belonging to the Anil Ambani-led Reliance Group, escalating its investigation into alleged money-laundering and diversion of bank funds.

The action covers more than 40 properties across Mumbai, Delhi, Noida, Pune, Hyderabad, Chennai, and Thane. The list includes commercial assets, land parcels, and Ambani’s Pali Hill residence in Mumbai.

According to the agency, the attachment follows a probe into Reliance Home Finance Ltd (RHFL) and Reliance Commercial Finance Ltd (RCFL). Both firms reportedly received loans of over ₹5,000 crore from Yes Bank between 2017 and 2019, a large portion of which was allegedly routed through shell or connected entities in the form of “round-tripping.”

Investigators say several loans were sanctioned and disbursed on the same day, often without proper documentation or collateral. Many recipient firms were financially weak or inactive, indicating possible misrepresentation and internal control lapses.

The ED has also extended its investigation to Reliance Communications Ltd (RCOM) and related companies, citing suspected fund diversion of about ₹13,000 crore. Some of these funds were allegedly moved through fixed deposits and mutual funds before returning to group-linked entities.

Officials said proceeds from the attached assets will help recover public money lost through these transactions. More attachment orders are expected as the money trail is traced.

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