Mumbai, 30 September (IANS). The Enforcement Directorate (ED) on Tuesday raided six locations in Indore and Mumbai to investigate the illegal sending money abroad by Reliance Infrastructure under the Foreign Exchange Management Act (FEMA).
According to reports, the ED team also raided the offices and houses of the Indore based Path India Group. Path India is under investigation for irregularities in Group Toll Road Projects and other ventures.
The team of officers reached the homes of the firm’s headquarters and directors of the company in Mall Road 76 in Mau in several vehicles.
Path India Group’s managing director is Nitin Aggarwal, while Nipun Aggarwal, Saksham Aggarwal, Niti Aggarwal and Santosh Aggarwal are in the post of directors in the company. Ashish Aggarwal and Aditya Upadhyay are independent directors. One of the directors is Niti Aggarwal, actor Amitabh Bachchan along with the Mumbai team’s co-owner in the Indian Street Premier League (ISPL).
The raid is considered to be a part of the comprehensive investigation of the bank loan scam associated with Anil Ambani.
Investigators believe that there were several construction work agreement between the companies of Reliance Group and the Path Group, under which a large amount of money would have been transacted.
The action took place after earlier raids on institutions associated with Anil Ambani.
Earlier in August, the CBI raided Reliance Communications (RCom) and promoter Anil Ambani in the alleged fraud of more than Rs 2,000 crore of State Bank of India.
The bank had already declared RCom and Anil Ambani as fraud after finding out the misuse of loan through the complex web of transaction among group companies.
Earlier this month, the ED questioned Anil Ambani for several hours in an investigation into a loan fraud of Rs 17,000 crore. They are likely to be called again.
With this raid, the ED has increased the scope of investigation of concerned institutions. It is suspected that the fund was misused through mediated agreements to withdraw money from bank loans.
During the raid, officials seized documents, financial records and digital evidence.
-IANS
SKT/ABM
