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ED seizes assets worth over Rs 2,000 crore of Reliance Power
Source: Times of India — India · 1 hr ago
Summary
The Enforcement Directorate announced that it has confiscated Indian assets valued at over Rs 2,000 crore from Reliance Power Ltd, a company of the Reliance Anil Ambani Group, under the Foreign Exchange Management Act. The seizure is linked to allegations that the firm moved a comparable amount of money to offshore tax havens in the British Virgin Islands and the Cayman Islands.
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From the original report
The Enforcement Directorate (ED) Wednesday said it has seized Indian assets worth Rs 2,033 crore belonging to Reliance Power Ltd (RPL), an entity of the Reliance Anil Ambani Group, under Foreign Exchange Management Act (FEMA), for the alleged siphoning of assets worth an equivalent amount to tax havens of British Virgin Islands (BVI) and Cayman Islands.
Excerpt from Times of India — India.
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