ED Raids Reliance Infrastructure Offices in FEMA Probe Linked to Jaipur–Ringus Toll Road

Mumbai: The Enforcement Directorate (ED) carried out searches at six premises of Reliance Infrastructure Ltd (RInfra), a company linked to industrialist Anil Ambani, in Mumbai and Indore as part of its ongoing probe into alleged violations of the Foreign Exchange Management Act (FEMA).

According to reports, the searches are connected to financial dealings of JR Toll Road Pvt Ltd, a subsidiary of RInfra that operated the Jaipur–Ringus Toll Road. The ED is examining transactions between the company and Yes Bank from 2017 to 2019, alleging that funds may have been transferred abroad without necessary approvals and in violation of FEMA norms.

The agency is also probing whether inter-corporate deposits (ICDs) or internal transactions were used to route funds indirectly overseas, despite the Engineering, Procurement and Construction (EPC) contract being entirely domestic. Investigators are further scrutinizing the alleged non-disclosure of related entities such as CLE, which may have masked fund movements.

In June 2025, RInfra had settled a ₹273 crore loan tied to the toll road project, which had earlier been declared a non-performing asset.

RInfra Denies FEMA Breach, Calls ED Action “Dated”

In an official statement, RInfra dismissed the allegations, stressing that the Jaipur–Ringus project involved no foreign exchange component.

“In 2010, the company had awarded an EPC contract for the Jaipur–Ringus Toll Road to Prakash Asphaltings & Toll Highways. This was a domestic contract with no foreign exchange involved. The work was completed, and RInfra has had no continuing connection with the contractor. The toll road has been with NHAI for the last four years,” the company said.

RInfra further clarified that the current ED action is “dated” and unrelated to foreign exchange transactions. It emphasised that the investigation has “absolutely no impact” on its operations, financial performance, employees, shareholders, or stakeholders.

Wider Probe Into Reliance Group

The fresh raids come amid multiple ongoing investigations into the Anil Ambani-led Reliance Group, which has been facing regulatory and enforcement scrutiny over alleged loan defaults and fund diversion.

Earlier, under the Prevention of Money Laundering Act (PMLA), the ED had been probing allegations of more than ₹17,000 crore in financial irregularities by group firms, including RInfra. The probe was based on a SEBI report, which accused the company of diverting funds disguised as ICDs through a firm named CLE, without disclosing it as a related party to secure approvals from shareholders and audit committees.