Mumbai: The Enforcement Directorate (ED) on Tuesday conducted searches at six premises of the Anil Ambani-linked Reliance Infrastructure Ltd (RInfra) in Indore (Madhya Pradesh) and Mumbai (Maharashtra) as part of its probe into alleged illegal remittances abroad, violating the Foreign Exchange Management Act (FEMA), official sources said.
ED Probing Transactions With Yes Bank
According to the sources, the current FEMA-related searches are linked to the Jaipur–Ringus Toll Road, operated by JR Toll Road Pvt Ltd, a RInfra subsidiary. The ED is scrutinizing transactions with Yes Bank between 2017 and 2019, alleging unauthorised transfer of funds abroad and non-compliance with FEMA regulations. In June 2025, RInfra settled a Rs 273 crore loan for the project, previously classified as a non-performing asset, with the company acting as the corporate guarantor.
While the EPC (Engineering, Procurement, and Construction) contract for the toll road was entirely domestic, officials are examining whether funds were routed abroad indirectly through internal transactions or inter-corporate deposits (ICDs) without RBI approval. The probe also focuses on the non-disclosure of related parties such as CLE, which may have masked fund movements.
RInfra maintains that the project involved no foreign exchange and said it is fully cooperating with authorities, emphasising that its operations remain unaffected.
In a statement issued on Tuesday, Reliance Infrastructure described the ED action as “dated” and unrelated to foreign exchange.
“In 2010, the company had awarded an EPC contract for the Jaipur–Ringus Toll Road to Prakash Asphaltings & Toll Highways. This was a domestic contract with no foreign exchange involved. The work was completed, and RInfra has had no continuing connection with the contractor. The toll road has been with NHAI for the last four years,” the company said.
RInfra added it is fully cooperating with authorities and emphasised that the matter has “absolutely no impact” on its operations, financial performance, employees, shareholders or stakeholders.
Over ₹17,000 Cr Financial Irregularities
The ED has already been investigating alleged financial irregularities and collective loan "diversion" pegged at more than Rs 17,000 crore by multiple group companies of Anil Ambani, including Reliance Infrastructure (R-Infra), under the criminal provisions of the anti-money laundering law (Prevention of Money Laundering Act).The agency action under the PMLA came on a SEBI report alleging that R-Infra "diverted" funds disguised as inter-corporate deposits (ICDs) to Reliance Group companies through a company named CLE.It was alleged that R Infra did not disclose CLE as its "related party" to avoid approvals from shareholders and audit panels.
The fresh round of searches comes against the backdrop of multiple investigations into the Anil Ambani group, which has faced regulatory and enforcement scrutiny over alleged loan defaults and diversion of funds.
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