The Enforcement Directorate (ED) on Friday summoned industrialist Anil Ambani on August 5 in loan fraud case amid probe over bribery, unsecured loans allegations.
The Enforcement Directorate (ED) on Friday summoned industrialist Anil Ambani on August 5 in loan fraud case amid probe over bribery, unsecured loans allegations. Ambani has been asked to depose at the ED headquarters in Delhi as the case has been registered here, sources told news agency PTI.
The agency will record his statement under the Prevention of Money Laundering Act (PMLA) once he deposes, they said.
The ED summons comes days after the central probing agency conducted simultaneous raids in connection of financial irregularities and collective loan "diversion" of more than Rs 10,000 crore by multiple group companies of Ambani.
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ED sources had said the investigation primarily pertains to allegations of illegal loan diversion of around Rs 3,000 crore, given by the Yes Bank to the group companies of Ambani between 2017-2019.
Officials said that searches were done at over 35 locations in Mumbai, covering 50 companies and 25 individuals under the Prevention of Money Laundering Act (PMLA).
A Delhi-based ED unit is spearheading the investigation.
What's The Case About?
The agency is probing alleged improper diversion of approximately Rs 3,000 crore in loans, granted by Yes Bank to Ambani's group companies between 2017 and 2019. In reaction to the raids, Reliance Power and Reliance Infrastructure issued clarification letters to the exchanges.
Officials confirmed that key regulatory and financial bodies including National Housing Bank, Securities and Exchange Board of India (SEBI), National Financial Reporting Authority (NFRA), and the Bank of Baroda have furnished substantial evidence to aid the investigation.
“ED has found gross violations in Yes Bank loan approvals to RAAGA companies,” said one official, citing manipulated loan documents such as backdated Credit Approval Memorandums, failure in due diligence processes, and flagrant breaches of internal credit protocols.
These loans, officials allege, were funneled into group and shell entities, raising serious suspicions of misappropriation.
“SEBI is also learnt to have shared its findings with ED in the case of RHFL,” another official disclosed.
Searches linked to Anil Ambani's premises have reportedly unveiled significant financial discrepancies involving public funds ranging between Rs 20,000 to Rs 30,000 crore. Investigators believe a substantial chunk of this money may have been illicitly routed abroad through "undisclosed foreign bank accounts and foreign assets" amassed over the years.
The funding pipeline largely originated from State Bank of India (SBI) and other public sector banks, along with Yes Bank and a consortium of mutual funds. What has added a layer of intrigue to the probe is the emergence of a shadowy entity referred to as 'C Company'.
Sources reveal that this previously unknown firm appears to have played a key role in related-party transactions, potentially acting as a financial conduit in the broader scam.
