Now Reading: ED charges Reliance Infra in Rs 187-crore NHAI scam
-
01
ED charges Reliance Infra in Rs 187-crore NHAI scam
The Enforcement Directorate has filed a prosecution complaint against Reliance Infrastructure and others for allegedly siphoning Rs 187 crore from four NHAI toll-road projects in Tamil Nadu and Rajasthan. The agency said…
The Story in Brief
The Enforcement Directorate has filed a prosecution complaint against Reliance Infrastructure and others for allegedly siphoning Rs 187 crore from four NHAI toll-road projects in Tamil Nadu and Rajasthan. The agency said the money was diverted during September-October 2010 through sham subcontracting arrangements using shell companies and fictitious invoices.
In a supplementary complaint, the ED named Reliance Communications, Reliance Telecom, and former executives for allegedly diverting Rs 40,185.55 crore. The agency claims loan proceeds were layered through group firms, used to service foreign liabilities, and to buy personal assets for promoters abroad. The cases are based on FIRs from the Mumbai police and CBI.
The Indian Opinion
The ED’s twin cases against Reliance group firms cut across usual political lines, showing that enforcement is not limited to one side. Still, the staggering Rs 40,185 crore alleged diversion in the RCom case raises a basic question: how did banks and regulators miss this layered circular lending for years? The test now is whether the complaint leads to actual recovery of funds parked abroad, or becomes another long court battle.
Sources (2): ndtvprofit.com, thehindu.com
This story was synthesised by AI from the 2 sources linked above.
