The Enforcement Directorate (ED) has taken major action against Anil Ambani-led Reliance Infrastructure.

The central investigating agency announced on Wednesday that it has seized 13 bank accounts of the company, holding a balance of Rs 54.82 crore, in connection with an ongoing investigation under the Foreign Exchange Management Act (FEMA). The ED said its probe revealed that Reliance Infrastructure, through its Special Purpose Vehicles (SPVs), siphoned public funds from highway construction projects awarded by the National Highways Authority of India (NHAI). Advertisement

The funds were diverted under the guise of sham sub-contracting arrangements to shell companies in Mumbai. These shell entities were reportedly set up in a coordinated manner with dummy directors at specific bank bra

See Full Page