ED Conducts Searches At Anil Ambani-linked RInfra Premises In FEMA Probe
**ED Conducts Searches at Anil Ambani-Linked Reliance Infrastructure Premises in FEMA Probe**
*Mumbai:* The Enforcement Directorate (ED) on Tuesday conducted searches at six premises of Reliance Infrastructure Ltd (RInfra), linked to Anil Ambani, in Indore (Madhya Pradesh) and Mumbai (Maharashtra). The action is part of an ongoing investigation into alleged illegal remittances abroad, potentially violating the Foreign Exchange Management Act (FEMA), according to official sources.
### ED Probing Transactions with Yes Bank
Sources revealed that the current FEMA-related searches are connected to the Jaipur–Ringus Toll Road project, operated by JR Toll Road Pvt Ltd, a subsidiary of RInfra. The ED is scrutinizing transactions with Yes Bank dating from 2017 to 2019, alleging unauthorized fund transfers abroad and non-compliance with FEMA regulations.
In June 2025, RInfra settled a loan of Rs 273 crore related to the project, which was earlier classified as a non-performing asset. The company acted as the corporate guarantor for this loan. Although the EPC (Engineering, Procurement, and Construction) contract for the toll road was entirely domestic, officials are investigating whether funds were routed abroad indirectly through internal transactions or inter-corporate deposits (ICDs) without approval from the Reserve Bank of India (RBI).
The probe also centers on the non-disclosure of related parties, such as CLE, which may have been used to mask movements of funds.
### Reliance Infrastructure’s Response
Reliance Infrastructure has stated that the project did not involve any foreign exchange and emphasized its full cooperation with the authorities. The company underscored that its operations remain unaffected by the investigation.
In a statement released on Tuesday, RInfra described the ED action as “dated” and unrelated to foreign exchange matters. “In 2010, the company awarded the EPC contract for the Jaipur–Ringus Toll Road to Prakash Asphaltings & Toll Highways. This was a domestic contract with no foreign exchange involved. The project work was completed, and RInfra has had no continuing connection with the contractor. The toll road has been with the National Highways Authority of India (NHAI) for the last four years,” the statement read.
The company further reiterated that it is fully cooperating with the authorities and emphasized that the ongoing matter has “absolutely no impact” on its operations, financial performance, employees, shareholders, or stakeholders.
### Broader Investigation into Financial Irregularities
The ED has been investigating alleged financial irregularities involving more than Rs 17,000 crore in collective loan “diversion” by multiple group companies of Anil Ambani, including Reliance Infrastructure, under the Prevention of Money Laundering Act (PMLA).
The agency’s action under the PMLA stems from a SEBI report accusing RInfra of “diverting” funds disguised as inter-corporate deposits (ICDs) to other Reliance Group companies through a company named CLE. It was alleged that RInfra failed to disclose CLE as a “related party” to circumvent approvals from shareholders and audit panels.
This fresh round of searches occurs amid multiple investigations into the Anil Ambani group, which has faced sustained regulatory and enforcement scrutiny over alleged loan defaults and fund diversion.
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