The Enforcement Directorate (ED) on Wednesday said it has seized assets worth Rs 2,032.81 crore belonging to Anil Ambani-led Reliance Power Limited (RPL) under the Foreign Exchange Management Act (FEMA).
The agency said the seized assets include bank balances of Reliance Power and its shareholding in Sasan Power Limited. “These assets are equivalent in value to the foreign exchange held outside India in contravention of Section 4 of FEMA,” the probe agency said in a statement.
The action is linked to alleged foreign exchange violations involving overseas investments, transactions through British Virgin Islands entities, and funds routed through Mauritius.
The investigation began after the Securities and Exchange Board of India (SEBI) provided information about write-offs and provisions aggregating Rs 2,101.46 crore recorded in Reliance Power’s books. These were linked to overseas investments and advances made to companies in the British Virgin Islands (BVI) and Cayman Islands.
The ED conducted searches under FEMA between March 6 and March 8, 2026, during which it said several incriminating documents were seized and statements of multiple individuals were recorded.
How the overseas transactions allegedly worked
According to the agency, Reliance Natural Resources Limited (RNRL), which subsequently merged with Reliance Power, raised $300 million through Foreign Currency Convertible Bonds in 2006.