Anil Ambani Questioned in Major Loan Fraud Case
Anil Ambani was summoned to Delhi by the Enforcement Directorate regarding a Rs 17,000-crore loan fraud involving his companies. This follows a Look Out Circular issued by the ED to prevent him from leaving India. Numerous companies and entities are under investigation for money laundering and financial misconduct.
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Industrialist Anil Ambani appeared in Delhi on Tuesday for questioning by the Enforcement Directorate (ED) over an alleged Rs 17,000-crore loan fraud. He was summoned to the ED headquarters in the national capital after the agency issued a Look Out Circular (LOC) against him on August 1 to bar him from leaving India as the investigation continues.
The ED has yet to release an official statement regarding the case, which is centered on suspected financial irregularities and possible breaches of the Prevention of Money Laundering Act (PMLA). Ambani's testimony is anticipated to significantly impact the probe.
This development follows a week after the ED conducted raids across 35 locations linked to the Reliance Anil Ambani Group (RAAGA) Companies on July 24. The search operation covered 50 businesses and over 25 individuals as part of a money laundering investigation prompted by a First Information Report from the Central Bureau of Investigation.
According to officials, the investigation draws on information from agencies like the National Housing Bank, SEBI, the National Financial Reporting Authority (NFRA), and Bank of Baroda. Preliminary findings indicate a strategic scheme to misappropriate public funds and involves potential bribery of Yes Bank Limited officials. The illegal diversion of approximately Rs 3,000 crores from Yes Bank, between 2017 and 2019, is under scrutiny.
Despite the probe, Reliance Power and Reliance Infrastructure have stated that the ED's investigation into RAAGA has no impact on their business operations or stakeholders. (ANI)
(With inputs from agencies.)
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