Anil Ambani, Chairman of Reliance Anil Dhirubhai Ambani Group. File | Photo credit: The Hindu
The Enforcement Directorate (ED) has seized ₹54.82 crore belonging to Reliance Infrastructure Limited (R-Infra) under the Foreign Exchange Management Act (FEMA), the agency said on Wednesday (Dec 10, 2025).
The agency’s Special Task Force (Headquarters) seized 13 bank accounts with a balance of ₹54.82 crore after its investigation allegedly revealed that R-Infra through its Special Purpose Vehicles (SPVs) siphoned off public funds from highway construction projects awarded by the National Highways Authority of India.
“Funds were diverted under the guise of bogus subcontracting arrangements to shell companies in Mumbai. These shell entities were set up in a coordinated manner using shell directors of specific bank branches in Mumbai. These funds were then layered through a network of other shell entities and sent outside India to the UAE,” it said in the guise of importing any polished and equivalent diamond goods.
The UAE entities to whom the funds were transferred had bank accounts in the UAE and Hong Kong. “These entities were found to be controlled by individuals involved in illegal international ‘hawala’. The shell entities through which these funds were siphoned off are involved in international ‘hawala’ transactions worth more than ₹ 600 crore,” the agency said.
The alleged diversion of project funds contributed to severe financial stress in the affected SPVs, resulting in bank loans turning into non-performing assets, “causing losses to creditors and jeopardizing public financial interests”.
Published – 10 Dec 2025 21:37 IST
