ED raids Reliance Infra premises in FEMA probe
Firm denies foreign funding in 15-yr-old domestic contract
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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.
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.
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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.
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