ED Seizes ₹2,032 Crore in Assets from Reliance Power Amid Ongoing Investigation

New Delhi, October 14 (Daily Kiran) : The Enforcement Directorate (ED) has seized assets valued at ₹2,032.81 crore belonging to Reliance Power Limited (RPL), led by Anil Ambani. This action was taken under the Foreign Exchange Management Act (FEMA) in New Delhi on October 14, 2026.

According to an official statement released by the ED, the seized assets include funds in RPL’s bank accounts and its stake in Sasan Power Limited. These assets are equivalent to foreign currency held abroad in violation of Section 4 of FEMA.

The investigation was initiated based on information received from the Securities and Exchange Board of India (SEBI). This information pertained to a write-off of ₹2,101.46 crore in RPL’s accounts, linked to foreign investments and advance payments made to companies in the British Virgin Islands (BVI) and the Cayman Islands.

A search operation was conducted between March 6 and 8 this year, during which incriminating evidence was collected, and several statements were recorded.

The inquiry revealed that Reliance Natural Resources Limited, which later merged with RPL, raised $300 million through Foreign Currency Convertible Bonds (FCCBs) in 2006. Of this amount, $275 million was invested in its wholly-owned Singapore subsidiary, Reliance Natural Resources (Singapore) PTE Ltd (RNRL-S).

RNRL-S deposited this sum with Deutsche Bank (Suisse) SA in Geneva. This deposit was used as collateral for loans extended to companies registered in the BVI.

The investigation found that the management and control of these BVI companies were conducted by the Reliance Anil Ambani Group from India through individuals acting on the group’s instructions.

Further inquiries indicated that funds obtained from these loans were used for various purposes, including temporarily bringing money back to India through foreign companies based in Mauritius. This money benefited the Reliance Anil Ambani Group, with a portion remaining outside India.

BVI companies failed to repay the loans provided by Deutsche Bank. To conceal the matter, documents were created to suggest that RNRL-S and RPL’s subsidiaries in Indonesia had advanced funds to these BVI companies for legitimate business purposes.

The investigation also uncovered that these documents had been backdated to portray the transactions as genuine business dealings. The ED has stated that further investigations are ongoing.