The Enforcement Directorate (ED) on Thursday, July 24, launched a series of search operations at multiple locations in Mumbai connected to industrialist Anil Ambani’s business ventures. This move comes shortly after the State Bank of India (SBI) designated Reliance Communications and its promoter-director, Anil D. Ambani, as ‘fraud’, intensifying scrutiny around his financial dealings.
Although Ambani’s personal residence was not searched, ED teams from both Delhi and Mumbai visited offices and premises associated with various group companies under the Reliance Anil Ambani Group (RAAGA). The searches are part of a broader investigation into suspected money laundering activities involving these firms.
The enforcement action was triggered by alerts and information shared by several regulatory and financial institutions, including the National Housing Bank, SEBI, the National Financial Reporting Authority (NFRA), Bank of Baroda, and two FIRs registered by the Central Bureau of Investigation (CBI). The ED is currently examining financial transactions and records to trace the alleged flow of illicit funds.
