Enforcement Directorate confiscates assets worth over Rs 2,000 crore from Reliance Power
The Enforcement Directorate has seized Indian assets valued at Rs 2,033 crore belonging to Reliance Power Ltd under FEMA, citing alleged siphoning to offshore tax havens.
Authorities say the seizure targets shares in Reliance Power's wholly owned subsidiary Sasan Power Ltd, which have been pledged to Power Finance Corporation Ltd for more than a decade. Bank balances of the company were also frozen. The move follows investigations into transfers to entities in the British Virgin Islands, Cayman Islands and a 2008 Singapore investment. The CBI is probing the involvement of all persons linked to the case.
Why it matters
The seizure highlights intensified scrutiny of large Indian conglomerates for alleged offshore money transfers.
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