5 months ago
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The Enforcement Directorate (ED) has seized ₹54.82 crore belonging to Reliance Infrastructure Limited (R-Infra) nether the Foreign Exchange Management Act (FEMA), said the bureau connected Wednesday (December 10, 2025).
The agency’s Special Task Force (Headquarters) seized 13 slope accounts having a equilibrium of ₹54.82 crore, aft its probe purportedly revealed that R-Infra, done its peculiar intent vehicles (SPVs), siphoned disconnected nationalist funds from road operation projects awarded by the National Highways Authority of India.
“Funds were diverted nether the guise of sham sub-contracting arrangements to ammunition companies successful Mumbai. These ammunition entities were acceptable up successful a coordinated mode utilizing dummy directors astatine circumstantial slope branches successful Mumbai. These funds were thereafter layered done a web of different ammunition entities and remitted extracurricular India to the UAE successful the guise of import of polished and unpolished diamonds without receipt of immoderate equivalent goods oregon documentation,” it said.
The UAE entities, to which funds were remitted, had slope accounts successful the UAE and Hong Kong. “These entities were recovered to beryllium controlled by individuals engaged successful amerciable planetary ‘hawala’. The ammunition entities done which these funds were siphoned disconnected are recovered to beryllium progressive successful planetary ‘hawala’ transactions worthy much than ₹600 crore,” said the agency.
The alleged diversion of task funds contributed to terrible fiscal accent successful the affected SPVs, resulting successful slope loans turning into non-performing assets, thereby “causing losses to lenders and jeopardising nationalist fiscal interests”.
