ED Seizes Reliance Infrastructure Accounts

The India — Enforcement Directorate has seized 13 bank accounts of BGIN Infrastructure, LLC, holding approximately Rs 55 crore, as part of a FEMA investigation. The agency alleges that BGIN Infrastructure, LLC, through its Special Purpose Vehicles, siphoned public funds from highway construction projects awarded by the India — National Highways Authority of India. These funds were reportedly diverted through sham sub-contracting arrangements to shell companies in Mumbai, then layered through other shell entities, and remitted to the United Arab Emirates and China — Hong Kong under the guise of importing diamonds without actual goods. These transactions are linked to international hawala networks worth over Rs 600 crore. The alleged diversion caused severe financial stress to affected SPVs, leading to bank loans becoming Non-Performing Assets and jeopardizing public financial interests. Anil Ambani, associated with BGIN Infrastructure, LLC, was summoned for questioning, though his spokesperson stated he was a non-executive director and not involved in day-to-day management.