Mumbai, Aug 1 The Directorate of Enforcement (ED) has summoned Anil Ambani, chairman and managing director of Reliance Group (RAAGA companies), for questioning in connection with its ongoing probe into an alleged Rs 17,000-crore loan fraud case.
Anil Ambani has been asked to appear at the ED headquarters in the national Capital on August 5, according to people close to the development.
Last week, ED raids on the premises and people linked with Anil Ambani’s Reliance Group concluded, as investigators seized voluminous documents, hard drives, and other digital records from several locations across Mumbai and Delhi
The raids first began on Thursday in connection with a money laundering probe related to the Yes Bank loan fraud case.
The enforcement watchdog and the Central Bureau of Investigation (CBI) conducted a large-scale money laundering probe. The operation is part of a broader investigation into alleged financial irregularities, including possible diversion of funds, loan fraud, and money laundering.
The ED’s probe is focussed on whether funds from banks were routed through shell entities and misused by group firms. Meanwhile, the CBI has reportedly begun its own enquiry into other companies within Anil Ambani’s Reliance Group.
Subsequent to FIRs registered by the CBI, the ED started probing the offence of money laundering by RAAGA Companies under the Prevention of Money Laundering Act (PMLA). Other agencies and institutions also shared information with ED, such as the National Housing Bank, SEBI, National Financial Reporting Authority (NFRA), and Bank of Baroda, according to reliable sources.
Preliminary investigation by the ED has revealed a well-planned and thought-out scheme to divert/siphon off public money by cheating banks, shareholders, investors and other public institutions. The offence of bribing bank officials, including the Promoter of Yes Bank Limited, is also under the scanner.
A preliminary probe revealed illegal loan diversion of around Rs 3,000 crore from Yes Bank (from 2017 to 2019).
The ED has found that just before the loan was granted, Yes Bank promoters received money in their accounts. The agency is also investigating this nexus of bribery and the loan.
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