R-Infra denies fund diversion allegations as ED summons Anil Ambani

Anil Ambani-promoted Reliance Infrastructure (R-Infra) has denied allegations of fund diversion as the Enforcement Directorate (ED) summoned Anil Ambani on Friday (1 August), according to PTI.

 

“The company wishes to clarify today’s media reports pertaining to an over 10-year-old matter regarding the alleged diversion of Rs 10,000 crore to an undisclosed related party, when the exposure, as per the disclosures in the company’s financial statements, is only around Rs 6,500 crore,” R-Infra stated.

 

The company further stated that it had a net exposure of Rs 6,500 crore, which was duly disclosed in its financial statements over the past four years, and that it had publicly disclosed this matter on February 9, 2025.

 

 

“Reliance Infrastructure diligently pursued the recovery of its dues in this matter. Through mandatory mediation proceedings conducted by a retired Supreme Court judge and the mediation award filed before the Hon'ble Bombay High Court, Reliance Infrastructure arrived at a settlement to recover its 100 per cent exposure of Rs 6,500 crore,” the company said. 

 

Earlier, in February, R-Infra settled a dispute with CLE Private Limited (CPL)—formerly Crest Logistics and Engineers Private Limited, an unlisted private company—for an agreement of Rs 6,503.13 crore.

 

In August 2023, R-Infra initiated pre-institution mediation proceedings against CLE Private Limited for “recovery of a sum of Rs 130 billion and 250 million, along with interest thereon” before the concerned authority of the Bombay High Court in Mumbai.

 

The dispute was resolved through mediation at the Bombay High Court. The consent terms under the mediation application were submitted to the mediation centre at the court in compliance with the provisions of the Mediation Act, 2023, to resolve the dispute.

 

Last month, the ED raided more than 35 premises and searched over 50 companies in New Delhi and Mumbai linked to the Reliance Anil Ambani Group (RAAGA). The investigation was related to the alleged illegal diversion of loans.

 

“Further, Mr. Anil D. Ambani has not been on the Board of Reliance Infrastructure for more than three years, i.e., since March 2022,” R-Infra noted.