On Wednesday, the Enforcement Directorate (ED) announced the confiscation of Indian assets totaling 203.3 billion rupees belonging to Reliance Power Ltd (RPL). This company is part of the Reliance Anil Ambani Group.
The confiscation was carried out in accordance with the Foreign Exchange Management Act (FEMA) on charges of alleged siphoning of assets equivalent to that amount to tax havens in the British Virgin Islands (BVI) and Cayman Islands.
As part of the investigation, the CBI is examining the roles of all individuals involved in this situation. The confiscated assets mainly concern shares held by the company in its wholly-owned subsidiary, Sasan Power Ltd. These shares have been pledged for over ten years in favor of Power Finance Corporation Ltd, which is a public sector undertaking, under security agreements.
Additionally, certain bank balances belonging to the company itself were seized.