Mumbai: The Reserve Bank of India (RBI) has made a significant acquisition, purchasing a 4.61-acre land parcel in Nariman Point, South Mumbai, from the Mumbai Metro Rail Corporation Ltd (MMRCL) for ₹3,472 crore. This transaction is one of the largest land deals in India in 2023, and the prime location near key government and corporate institutions enhances its long-term value.

MMRCL initially intended to auction the property through a global tender, marking the first auction in Nariman Point since its establishment as a commercial district in the 1970s. However, the tender was halted after RBI expressed interest in expanding its headquarters in January.

The deal, registered on September 5, included a stamp duty of over ₹208 crore. For RBI, this acquisition expands its real estate holdings in Mumbai, where it already has properties, including its Mint Road headquarters. The new site is planned for institutional use, which will bolster the central bank’s presence in India’s financial hub.

MMRCL, responsible for developing metro projects in Mumbai, has been monetizing land in the area to support metro expansion efforts. Despite the development of new business hubs like Bandra-Kurla Complex and Lower Parel, experts emphasize that the RBI deal underscores Nariman Point’s enduring stature in the commercial real estate sector.

The concluded sale, which came after a failed auction attempt, also included a 90-year lease on the land at the significantly lower price of ₹3,471.82 crore compared to the reserve price of ₹5,173 crore set for the global bid. The acquisition aligns with RBI’s long-term strategy, as the organization has been looking for office spaces of at least 30,000 sq ft in South Mumbai for four years. The land has a buildable area of 1.6 million sq ft, with 113,500 sq ft designated for the relocation of previous occupants.

Part of the proceeds from the sale will assist MMRCL in repaying a loan from the Japan International Cooperation Agency (JICA) for constructing the underground metro line, which has a revised cost of ₹37,276 crore, with a substantial portion financed by JICA. This acquisition reinforces Nariman Point’s significance in India’s real estate landscape, reflecting institutional confidence in Mumbai’s ongoing value as a financial center.

Mumbai: Maharashtra Deputy Chief Minister Eknath Shinde on Wednesday spoke to the Maharashtra tourists stranded in Nepal and assured them of all possible assistance to ensure their safe return.

According to officials, nearly 150 tourists from Maharashtra have been left stranded in Nepal due to ongoing violent protests led by Gen Z.

Meanwhile, West Bengal Chief Minister Mamata Banerjee also assured the tourists stuck in Nepal that the state government is monitoring the situation and arrangements will be made to bring them back soon.

“I take the issue regarding the tourists stuck in Nepal seriously. I want to tell them to wait for a while till the situation becomes normal. We are monitoring the situation closely and will bring all of you back soon,” Banerjee said.

Apart from this, the Ahmedabad District Administration issued a helpline number for its citizens stuck in Nepal.

In a statement, Ahmedabad District Administration advised the citizens to contact the helpline number 079-27560511 for assistance. “If any citizens of Ahmedabad district are currently on a trip to Nepal, the district administration has requested their relatives to immediately inform the helpline number,” the press release from the Resident Additional Collector stated.

Notably, the death toll in the September 8 protest led by Gen-Z in Nepal has risen to 30, the Ministry of Health and Population announced on Wednesday evening.

Issuing a release, the Health Ministry stated that 1,033 injuries have been recorded nationwide, out of which 713 injured individuals have already been discharged, while 55 were referred to other facilities for further treatment.

Another 253 patients remain newly admitted. The Civil Service Hospital in Kathmandu is currently handling the largest caseload, treating 436 people. The National Trauma Centre is caring for 161 patients, and Everest Hospital is treating 109.

In all, 28 hospitals across the country are providing care to those affected, the ministry added. The protest under the banner of Gen-Z Nepal saw a spree of shooting by security forces as they tried to break into the parliament. Police indiscriminately fired upon protesters with live rounds, followed by tear gas.

On Tuesday, KP Oli resigned from his PM’s post as the protests turned violent in Nepal with demonstrators torching the Parliament Building, President’s office and several other government buildings.

The protests began on September 8 after the Nepal government imposed a ban on social media apps. However, the ban was just a triggering point to a widespread movemen that demanded an end to alleged institutionalised corruption and favouritism in governance.

Mumbai: In fresh trouble for industrialist Anil Ambani, the Enforcement Directorate (ED) has registered a money laundering case against him, Reliance Communications (RCom) and others over an alleged ₹2,929-crore bank fraud involving the State Bank of India (SBI).

Officials said the ED’s action follows a First Information Report filed by the Central Bureau of Investigation (CBI) last month. The CBI had named Ambani, RCom and others, including some government officials, accusing them of causing losses to SBI. It had also searched Ambani’s residence as well as RCom offices during its probe.

The SBI had classified RCom and Mr Ambani as “fraud” on June 13 and sent a report to the Reserve Bank of India (RBI) on June 24.

Reacting to the development, a spokesperson for Ambani said the complaint pertained to matters dating back more than a decade, when Ambani was a non-executive director and not involved in the company’s daily management. “SBI has already withdrawn proceedings against five other non-executive directors. Despite this, Mr Ambani has been selectively singled out,” the statement said.

The spokesperson added that Reliance Communications has, for the past six years, been under the supervision of a committee of creditors led by SBI and overseen by a resolution professional. “The matter remains sub judice before the NCLT and other judicial forums, including the Supreme Court. Mr Ambani has duly challenged SBI’s declaration before the competent judicial forum. He strongly denies all allegations and charges, and will duly defend himself,” the statement said.

With this latest ECIR, the ED’s ongoing investigations into Ambani and his group firms now cover four cases. Apart from the SBI matter, the agency is probing an alleged Rs 3,000-crore loan diversion linked to Yes Bank, involving suspected fund diversions by Reliance Group firms between 2017 and 2019. The probe has included raids at over 35 premises, searches at 50 companies, and questioning of at least 25 individuals.

The agency is also examining suspected loan diversions of more than Rs 17,000 crore by Reliance Infrastructure and other group entities, allegedly routed through inter-corporate deposits. Additionally, charges of fake bank guarantees worth Rs 68.2 crore tied to Reliance Power and Biswal Tradelink Pvt Ltd (BTPL) are part of the broader Rs 17,000-crore loan fraud inquiry.

Agency said that the SBI case involves misrepresentation to secure credit facilities, diversion of loan funds, inter-company transactions, misuse of invoice financing, discounting of bills, and creation of fictitious debtors. The accused face charges of criminal conspiracy, cheating, and criminal breach of trust.

The ED action was triggered by a complaint received on August 18, 2025, from Jyoti Kumar, Deputy General Manager of SBI’s Mumbai branch, referencing a forensic audit report dated October 15, 2020, that identified irregularities in loan utilisation. Investigations are ongoing to determine whether diverted funds were laundered through shell companies or offshore channels.

In the SBI case, it is alleged that the accused, in criminal conspiracy, secured credit facilities from SBI for RCom, misused loan funds, engaged in inter-company transactions, misused sales invoice financing, discounted bills of RCom via Reliance Infratel Ltd., routed funds through inter-corporate deposits, and created/write-off fictitious debtors.