Anil Ambani Faces ED Investigation Over Alleged Loan Fraud
Anil Ambani, Reliance Group Chairman, appeared before the Enforcement Directorate for questioning in a money laundering case linked to alleged bank loan frauds involving his companies. The investigation follows extensive searches of his business premises and examines possible financial irregularities and loan diversions reaching over Rs 17,000 crore.
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Anil Ambani, Reliance Group Chairman, faced the Enforcement Directorate on Tuesday as part of an investigation into alleged money laundering tied to substantial bank loan frauds by his companies.
Appearing at the agency's central Delhi office at 10:50 am, Ambani's statement was recorded under the Prevention of Money Laundering Act (PMLA). The inquiry follows a series of searches at 35 locations concerning 50 companies and 25 individuals, including top executives.
The investigation scrutinizes alleged financial misconduct and loan diversions exceeding Rs 17,000 crore. Parallel investigations involve various banks, including Yes Bank, and instances of suspect loan allocations and potential regulatory breaches. Ambani has denied any wrongdoing, citing prior financial disclosures and settlements for related claims.
(With inputs from agencies.)
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