Money Laundering Allegations: Anil Ambani in Spotlight Over Bank Loan Fraud

Anil Ambani, chairman of Reliance Group, has been called for questioning by the Enforcement Directorate (ED) concerning alleged money laundering tied to a substantial bank loan fraud. The case involves his group companies, with the investigation focused on financial mismanagement and fraudulent loan diversions.

The investigation follows extensive searches at 35 premises belonging to 50 companies and several individuals associated with the Reliance Group. Authorities are looking into purported financial irregularities and a collective loan diversion amounting to over Rs 17,000 crore, involving multiple corporations under Ambani's leadership.

Additional scrutiny is directed at loans from Yes Bank to Ambani's companies, alongside allegations of bribery and violations during loan approvals. The ED's inquiry stems from reports and FIRs by financial institutions and aims to unravel a scheme of diverting public funds by misleading banks, shareholders, and investors.

(With inputs from agencies.)