The Enforcement Directorate filed a prosecution complaint on Saturday against Reliance Infrastructure Ltd. (RIL), Sateesh Seth and others regarding an alleged money laundering case involving ₹183 crore. According to reports from NDTV, the economic intelligence agency filed the complaint on August 8, 2026, under the Prevention of Money Laundering Act (PMLA), 2002, before the Special Court (PMLA), Dwarka District Courts, New Delhi. The First Information Report (FIR) is connected to ECIR/STF/08/2026 and involves alleged offences under Sections 3 and 3 read with Section 70 of the PMLA, punishable under Section 4 of the Act. As per ANI, the ED initiated the investigation on the basis of FIR No. 172/2026 dated February 11 registered by EOW, Mumbai, concerning shell companies incorporated and operated using forged documents and bank accounts for routing funds and outward remittances under the cover of fictitious invoices and over-valued diamond imports.
The latest ED charges have severely impacted Reliance Infrastructure Ltd.'s stock performance, with shares plunging 5% to hit the lower circuit at ₹72.74 within half an hour of Monday's opening bell. According to NDTV, this steep fall comes after the shares had gained 9.9% in the last five sessions, highlighting the volatile market reaction to the ongoing legal proceedings. On a year-to-date basis, the stock has fallen 55.8%, while over the last 12 months, it has plunged 73.4%, reflecting sustained investor concerns about the company's legal exposure. The market volatility underscores the significant impact of regulatory investigations on infrastructure stocks, particularly those facing serious allegations of financial misconduct.
The ED investigation allegedly revealed an organised scheme to divert public funds from four NHAI-awarded toll-road projects during September and October 2010. As reported by NDTV, the projects included Trichy-Karur (NH-67), Trichy-Dindigul (NH-45), Salem-Ulundurpet (NH-68) and Jaipur-Reengus (NH-11). The projects received their funds through NHAI grants along with loans from banks and financial institutions. The agency alleged that approximately ₹187 crore was diverted via sham, post-facto and back-dated arrangements displayed as payments for made-up sub-contracting work, with funds transferred from RIL or its project-specific Special Purpose Vehicles (SPVs) to construction contractors and subsequently to shell entities. According to the latest ANI report, the money trail moved from RIL or its project-specific Special Purpose Vehicles/EPC contractors to construction contractors and thereafter to shell entities having no nexus with road construction. Documents were subsequently created to portray the transfers as genuine project expenditure, while the funds were layered through shell entities and diamond traders, as stated in the press release.
On August 3, 2026, the ED provisionally attached assets worth approximately ₹187 crore in connection with the case. According to NDTV, the attached assets include immovable properties and equity shares of Reliance Power Ltd. held by Reliance Infrastructure Ltd., along with land held by Ksheeraabd Constructions Pvt. Ltd. Sateesh Seth was arrested by the ED in the case on June 12, 2026, and is currently in judicial custody. The ED said further investigation is underway to ascertain the role of other individuals allegedly involved in the money laundering network. As per ANI, the ED has provisionally attached assets valued at ₹187 crores in this case on August 3, comprising immovable assets and equity shares of Reliance Power Limited held by RIL and land held by Ksheeraabd Constructions Private Limited.
