Anil Ambani Quizzed in Massive Loan Fraud Investigation

Business tycoon Anil Ambani faced the Enforcement Directorate (ED) on Tuesday, responding to inquiries linked to a high-profile money laundering case. This investigation, centered around the apparent misdirection of bank loans worth Rs 17,000 crore, focuses on financial crimes associated with the billionaire's group firms, according to source information.

The 66-year-old arrived at the ED's office in Delhi at 11 a.m., where his statement was recorded under the Prevention of Money Laundering Act. The probe escalated following extensive searches conducted last July across offices of his companies. These investigations target manifold financial discrepancies and the alleged diversion of approximately Rs 3,000 crore in loans issued by Yes Bank, a matter that drew the agency's close scrutiny.

The agency delves into accusations of backdated approvals, unverified investments, and dubious loan allocations. Reports indicate potentially orchestrated schemes to misappropriate public funds, with further allegations involving undisclosed party transactions. A Reliance Group spokesperson denied these allegations, detailing transparent financial disclosures and existing settlements, while the probe continues under heightened surveillance.

(With inputs from agencies.)