Overview

• The ED completed its three-day PMLA raids on Reliance Power and Reliance Infrastructure on July 26, with both companies confirming their operations, finances and stakeholders remain unaffected.
• Reliance Power and Reliance Infrastructure reiterated they are independently listed entities with no business or financial ties to Reliance Communications or Reliance Home Finance, and Anil Ambani holds no board role.
• State Bank of India’s fraud designation of Reliance Communications and Anil Ambani remains active, prompting an RBI notification and a forthcoming CBI complaint.
• Following its earlier probe into an alleged Rs 3,000 crore Yes Bank loan fraud, the ED has expanded its investigation to include suspected Rs 12,524 crore in loan diversions by Reliance Home Finance and Reliance Commercial Finance.
• Both boards have approved plans to raise a combined Rs 18,000 crore through equity and debt to finance growth in defence, aerospace, renewable energy and infrastructure.