Key Takeaways
- Anil Ambani offers virtual appearance before ED in 15-year-old FEMA case
- Defends Jaipur-Reengus highway project as ‘purely domestic contract’
- ED investigating alleged Rs 100 crore hawala trail linked to project
- Ambani clarifies he was non-executive director during project period
Anil Ambani has offered to appear virtually before the Enforcement Directorate (ED) after skipping a Friday summons in a Foreign Exchange Management Act (FEMA) case. The ADAG Group chairman stated he’s ready to join the investigation “at any time” via virtual appearance or recorded video.
Rs 100 Crore Hawala Trail Under ED Scanner
The probe focuses on the Jaipur-Reengus Highway Project, where the ED suspects approximately Rs 100 crore was sent abroad through hawala channels. The agency has already recorded statements from several individuals, including alleged hawala dealers, before summoning Ambani.
Ambani’s Defense: ‘Purely Domestic Contract’
In his defense, Ambani described the 15-year-old case as concerning “issues associated with a road contractor.” His statement emphasized that Reliance Infrastructure’s 2010 EPC contract for the JR Toll Road was “a purely domestic contract with no foreign exchange component involved whatsoever.”
The company noted the highway project has been fully completed and has been with the National Highways Authority of India (NHAI) since 2021.
Previous ED Questioning in Bank Fraud Case
This isn’t the first time Ambani has faced ED scrutiny. The industrialist had previously been questioned in a money laundering case linked to an alleged Rs 17,000 crore bank fraud against his group companies.
Role Clarification and Share Performance
A spokesperson clarified that Ambani served only as a non-executive director at Reliance Infrastructure from April 2007 to March 2022 and wasn’t responsible for day-to-day operations.
Meanwhile, ADAG group companies have seen significant share price declines over the past six months:
- Reliance Infrastructure: Down 29.51%
- Reliance Power: Down 6.86%
- Reliance Communication: Down 2.26%
