Anil Ambani Under Scrutiny: Rs 17,000 Crore Loan Fraud Investigation Unfolds
Industrialist Anil Ambani faces a thorough probe by the Enforcement Directorate concerning a Rs 17,000-crore loan fraud. Summoned over alleged PMLA violations, Ambani's deposition could be pivotal. The inquiry focuses on dubious financial activities linked to Yes Bank and RAAGA companies, with multiple entities and severe financial misconduct under investigation.
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Industrialist Anil Ambani appeared before the Enforcement Directorate (ED) on Tuesday, joining a high-profile investigation into an alleged Rs 17,000-crore loan fraud case. The 66-year-old business tycoon responded to a summons issued last week, making his appearance at the agency's headquarters in New Delhi on the specified date of August 5.
The inquiry revolves around suspected financial irregularities and possible violations under the Prevention of Money Laundering Act (PMLA). The ED is scrutinizing the roles of various entities and individuals involved, with Ambani's testimony anticipated to be a crucial element in unraveling the complex case.
This questioning marks the first involvement of Ambani with the ED, following a significant search operation conducted across 35 sites linked to Reliance Anil Ambani Group (RAAGA) companies. The raids were a result of a money laundering investigation launched by the ED after a First Information Report by the Central Bureau of Investigation (CBI). Key insights from institutions like the NHB, SEBI, NFRA, and Bank of Baroda have fueled the ongoing probe.
(With inputs from agencies.)
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