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Anil Ambani Offers To Appear Virtually Before ED In 15-Year-Old FEMA Case
New Delhi: Anil Ambani offers to appear Virtually before ED in a 15-Year-Old FEMA Case. Reliance Group chairman Anil Ambani has agreed to cooperate with the Enforcement Directorate (ED) and proposed appearing via virtual means after being summoned under the Foreign Exchange Management Act (FEMA). The investigation pertains to alleged fund movements linked to the Jaipur–Reengus Highway Project, where the ED suspects nearly Rs 100 crore were illicitly transferred abroad through hawala channels.
According to a spokesperson for Ambani, the summons relate to a FEMA inquiry and not the Prevention of Money Laundering Act (PMLA) as some media reports have inaccurately suggested. The matter, as per the ED’s own media release dated November 3, 2025, concerns a 15-year-old case dating back to 2010 involving a domestic road contract with no foreign exchange component. The spokesperson emphasized that Ambani served as a non-executive director at Reliance Infrastructure from April 2007 to March 2022, clarifying he had no operational role in the company.
According to Ambani’s side, the matter is linked to the Jaipur-Reengus Highway Project, which was a domestic road construction contract from 2010. The project was under the name of Reliance Infrastructure Ltd and was executed under an EPC contract. It was an Indian project with no involvement of foreign exchange transactions. The company says that the JR Toll Road construction is completely finished and since 2021, it has been with the NHAI. Therefore, there is nothing in that project today that would amount to any foreign exchange regulation violation.
While Ambani has assured full cooperation and offered virtual attendance for questioning, the ED’s investigation continues into the fund movements and the hawala transactions associated with the highway project. The case underscores ongoing scrutiny of past contracts and alleged financial misconduct involving corporate groups in India.
The Reserve Bank of India (RBI) on Monday decided against activating the countercyclical capital buffer (CCyB), indicating that current financial and credit conditions do not warrant an additional capital requirement for banks, PTI reported.The central bank said the decision followed a review and empirical assessment of indicators used under the CCyB framework.“Based on review and empirical analysis of CCyB indicators, it has been decided that it is not necessary to activate CCyB at this point in time,” RBI said in a statement.Under the RBI (Commercial Banks – Prudential Norms on Capital Adequacy) Directions, 2025, the CCyB framework is activated when financial conditions indicate rising systemic risks linked to excessive credit growth.The framework primarily relies on the credit-to-GDP gap as a key indicator, along with supplementary metrics.According to the RBI, the CCyB mechanism is intended to serve two broad objectives.Firstly, it requires a bank to build up a buffer of capital in good times, which may be used to maintain the flow of credit to the real sector in difficult times.Secondly, it achieves the broader macro-prudential goal of restricting the banking sector from indiscriminate lending in the periods of excess credit growth that have often been associated with the building up of system-wide risk.The framework was introduced globally after the 2008 financial crisis as part of measures proposed by the Group of Central Bank Governors and Heads of Supervision (GHOS) under the Basel framework to strengthen financial system resilience.
The company has announced plans to build seven new models in Europe including a small electric hatchback.
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“Today’s policymaking is constrained by a more volatile external environment with more frequent and overlapping shocks, a rising public interest bill, in part reflecting market concerns with countries’ elevated debt, and the long-standing challenge of weak productivity growth,” he said.
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