Mumbai, 01 Aug (HS):

The Enforcement Directorate (ED) has issued summons to the Managing Director of

Reliance Group, Anil Ambani, in a loan fraud of about Rs 17,000 crore. Ambani

has been directed to remain present at the ED Headquarters in Delhi on August

5.

The ED last week raided

about 35 places related to the Reliance Group in Mumbai under the Prevention of

Money Laundering Act (PMLA), and recovered incriminating documents and digital

records related to the case. Earlier, SEBI reported a fraud worth Rs 10,000

crore and its investigation report to the ED. SEBI has reported that about Rs

10,000 crore were illegally transferred to other companies by Reliance

Infrastructure. The money through CLE Private Limited was transferred in the

form of Inter-corporate Deposits (ICD).

Several companies of

the Reliance Group took loans without any guarantor from the Yes Bank and used

them for other purposes. CBI has registered two FIRs in this connection.

Meanwhile, Reliance Power and Reliance Infrastructure have claimed that they

are not connected to Reliance Communication or RHFL. They have also stated that

Anil Ambani is not on their Board of Directors.

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Hindusthan Samachar / Ajay Vasant Mardikar