National · National
ED seizes assets worth over ₹2,000 crore linked to Reliance Power Ltd. under FEMA
Source: The Hindu — National · 3 hr ago
Summary
The Enforcement Directorate has confiscated assets exceeding ₹2,000 crore that were connected to Reliance Power Ltd. under the Foreign Exchange Management Act. According to the agency, the seized deposits had been pledged as security for loans given to companies registered in the British Virgin Islands, which were operated from India by the Reliance Anil Ambani Group through intermediaries.
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From the original report
Deposits were used as collateral for loans extended to entities incorporated in the British Virgin Islands, which were controlled and managed from India by the Reliance Anil Ambani Group through front persons, the ED says
Excerpt from The Hindu — National.
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