ED Intensifies Probe: Anil Ambani Summoned Over Alleged Loan Fraud
Anil Ambani, Reliance Group Chairman, has been summoned by the Enforcement Directorate in Delhi concerning an alleged loan fraud case involving his companies. The investigation focuses on alleged financial irregularities and loan diversions, particularly involving Yes Bank. Multiple searches and inquiries are underway, with significant attention on Reliance Communication and Reliance Home Finance.
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The Enforcement Directorate (ED) has summoned Anil Ambani, the chairman of the Reliance Group, to appear for questioning on August 5. This summons is part of an investigation into alleged loan frauds linked to his group companies. Officials stated that the case, which has captured national attention, is being conducted under the Prevention of Money Laundering Act (PMLA).
The ED recently conducted extensive searches against several companies and executives associated with Ambani's businesses, aiming to unravel alleged financial irregularities and a substantial loan 'diversion' exceeding Rs 10,000 crore. These investigative actions targeted more than 35 locations in Mumbai, involving over 50 companies connected to Ambani.
The focus of the probe is on the reported illegal diversion of approximately Rs 3,000 crore in loans provided by Yes Bank to Ambani's companies between 2017 and 2019. Allegations include 'bribes' linked to loan approvals, inadequate due diligence, and improper loan documentation. Additionally, reports suggest a deliberate scheme to siphon off public money, leading to intensified scrutiny of Reliance Communications and Reliance Home Finance.
(With inputs from agencies.)
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