The Enforcement Directorate (ED) summoned industrialist Anil Ambani in a Rs 3,000-crore bank loan fraud case, a week after raids at over 35 locations in Mumbai linked to him. The central probe agency is investigating the loan scam involving his group of companies, the Reliance Anil Dhirubhai Ambani Group. According to the news agency IANS, the central agency summoned Reliance Group Chairman for questioning on Tuesday, August 5, in the Rs 17,000 crore loan fraud case. ED earlier conducted a 48-hour search at his residence. He has been asked to appear at the Delhi headquarters
The ED is probing allegations against the industrialist of alleged illegal diversion of Rs 3,000 crore in loan funds from Yes Bank to the Reliance Anil Dhirubhai Ambani Group between 2017 and 2019. The probe agency will investigate whether there was a quid pro quo involved in the loan, specifically whether bribes were paid to bank officials, including Yes Bank promoters.
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The ED's investigation has revealed that the alleged violations in Yes Bank's loan approvals to the RADA group of companies, including backdated credit approval memorandums and proposals for investments made without any due diligence or credit analysis — violations of the bank’s credit policy, among other issues, according to the Indian Express report.
The central probe agency allegedly found that Reliance Mutual Fund invested around Rs 2,850 crore in AT1 bonds of Yes Bank in a suspected quid pro quo arrangement.