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Reliance Industries denies any link to $1.2b Money Laundering case in Netherlands

5Jun By Press Trust of IndiaNo Comments

BUSINESS

Reliance Industries denies any link to $1.2b Money Laundering case in Netherlands

Dutch investigators last week arrested three former employees of a local firm suspected of laundering $1.2 billion through over-invoicing services and works rendered for a gas pipeline built by a unit controlled by billionaire Mukesh Ambani, a charge vehemently denied by Reliance Industries. According to Cobouw, a Dutch publication, the three suspects were released on Friday, after three days. East West Pipeline Ltd (EWPL), which was previously known as Reliance Gas Transportation Infrastructure Ltd (RGTIL), denied that any money was laundered at any stage during the implementation of the project and that higher capital cost of a pipeline would result in higher tariff for users for receiving natural gas through the line. Ambani’s listed firm Reliance Industries, too, denied any ...

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