Anil Ambani Summoned by ED in Major Rs 17,000-Crore Loan Fraud Probe

New Delhi [India], August 1 (ANI) – In a significant development, the Enforcement Directorate (ED) has issued a summons to industrialist Anil Ambani for questioning in connection with an ongoing investigation into an alleged Rs 17,000-crore loan fraud case, official sources confirmed. Ambani is expected to appear before the investigators at the ED headquarters in New Delhi on August 5 regarding the probe into suspected financial irregularities and potential violations of the Prevention of Money Laundering Act (PMLA).

The investigation focuses on unraveling the roles of multiple entities and individuals connected to the case, with Ambani's statement anticipated to be pivotal. This move follows a week after ED's extensive search operation across 35 locations linked to Reliance Anil Ambani Group (RAAGA) Companies on July 24, rooted in a money laundering investigation initiated by the CBI.

According to officials, ED's probe is driven by inputs from agencies like the National Housing Bank, SEBI, NFRA, and Bank of Baroda. Preliminary findings expose a scheme to divert public funds through fraudulent practices involving banks, Yes Bank's promoters, and various RAAGA companies. Further illegalities involve improper loan approvals and potential quid pro quo investments, exacerbating concerns about financial misrepresentation and irregular services provided through non-operational discoms.

(With inputs from agencies.)