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The Enforcement Directorate has seized INR 54.82 crore from 13 bank accounts of Reliance Infrastructure after alleging that the company diverted funds meant for National Highways Authority of India projects. The ED claims the firm moved money abroad through special purpose vehicles under sham sub-contracting agreements, with payments routed to Mumbai-based shell entities in violation of FEMA rules. Investigators say the transactions showed no genuine commercial activity and appeared designed to siphon project funds. Reliance Infrastructure has not commented. The ED also noted that Anil Ambani did not appear for questioning despite being summoned. The probe is part of a broader review of financial compliance in major infrastructure projects.
The Enforcement Directorate confirmed earlier this week that it had seized deposits worth INR 54.82 crore held across 13 bank accounts of Reliance Infrastructure Ltd, following allegations that the company had diverted funds from highway construction projects awarded by the National Highways Authority of India. The action was taken under the Foreign Exchange Management Act as part of an ongoing investigation into financial irregularities. Advertisement
According to the agency, Reliance Infrastructure allegedly transferred public project funds abroad through a network of special purpose vehicles created for executing NHAI contracts. Investigators claimed that these funds were moved under the pretext of sub-contracting agreements that were later assessed as sham transactions, with payments routed to shell companies based in Mumbai. Officials said the structure of the transactions indicated a deliberate attempt to disguise the movement of funds outside India in violation of FEMA provisions.
The ED stated that its inquiry had uncovered multiple layers of sub-contracting that lacked genuine commercial activity, adding that these arrangements appeared to have been used as a mechanism to siphon money away from the intended infrastructure works. The agency emphasised that the transfers were inconsistent with the operational requirements of the projects and had no credible business justification.
Reliance Infrastructure has not issued an immediate comment on the matter. The company, part of the Anil Ambani Group, was previously asked to appear before the agency for questioning. ED officials said that a summons was issued to Anil Ambani last month, but he did not appear for deposition in connection with the investigation.
The probe forms part of a wider review of financial compliance within large infrastructure projects, particularly those involving central government agencies. Officials indicated that further scrutiny is underway to determine the final destination of the diverted funds and to assess the extent of regulatory breaches linked to the company's project execution practices.
Source - PTI
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