Mumbai, Dec. 11 -- The Enforcement Directorate (ED) has officially announced that it has seized Rs 54.82 crore by freezing 13 bank accounts belonging to Anil Ambani-linked Reliance Infrastructure Ltd (R-Infra), as part of a Foreign Exchange Management Act (FEMA) investigation linked to alleged hawala transactions.
According to the ED, the action was taken for alleged contraventions of Section 4 of FEMA, which pertains to unauthorised transfer or holding of foreign exchange or assets abroad.
The seizure under Section 37A of FEMA allows the ED to confiscate equivalent domestic assets of an entity found to have held or transferred foreign assets in contravention of the law.
The ED alleged that R-Infra and its special purpose vehicles (SPVs)...