DT
PT
Subscribe To Print Edition About The Tribune Code Of Ethics Download App Advertise with us Classifieds
Add Tribune As Your Trusted Source
search-icon-img
search-icon-img
Advertisement

ED raids Reliance Infra premises in FEMA probe

Firm denies foreign funding in 15-yr-old domestic contract

  • fb
  • twitter
  • whatsapp
  • whatsapp
featured-img featured-img
Photo for representational purpose only. Reuters file
Advertisement

The Enforcement Directorate on Tuesday conducted searches in Maharashtra and MP under the Foreign Exchange Management Act (FEMA) in connection with alleged illegal remittances abroad by Reliance Infrastructure. The searches targeted six premises across Mumbai and Indore, including corporate offices and associated locations. The agency is investigating transactions that allegedly violated foreign exchange regulations. No official statement on arrests or further action has been issued so far.

Advertisement

Reliance Infrastructure clarified that the matter dates back at least 15 years and stressed that the company and its officials were fully cooperating with the ED. The company said the case related to an EPC contract awarded in 2010 for the construction of the JR Toll Road to Prakash Asphaltings & Toll Highways. “This was a domestic contract with no foreign exchange involved.

Advertisement

The work is completed, and the company has no ongoing connection with the contractor. The toll road has been with NHAI for the last four years,” the company stated.

Advertisement

Advertisement
Advertisement
Advertisement
tlbr_img1 Classifieds tlbr_img2 Videos tlbr_img3 Premium tlbr_img4 E-Paper tlbr_img5 Shorts