Delhi, 5 August (H.S.): Anil Ambani has departed from his residence to appear before the Enforcement Directorate (ED) in Delhi today,following a summons regarding an alleged ₹17,000 crore loan fraud investigation tied to his companies.
Anil Ambani is under investigation by the Enforcement Directorate (ED) regarding a significant loan fraud case involving approximately ₹17,000 crores. He has been summoned to appear at the ED headquarters in Delhi for questioning as part of a broader inquiry into the alleged financial improprieties surrounding his companies. The ED's investigation has now expanded to include numerous senior executives from Ambani's firms, with at least six summons already issued. Among those called are key aides Amitabh Jhunjhunwala and Sateesh Seth, who are suspected of playing critical roles in the alleged diversion of funds and manipulation of financial operations.
The ED suspects that some banks may have received kickbacks to overlook the fact that loans from Ambani's group became non-performing assets (NPAs). Consequently, the agency has contacted 39 banks, questioning why they failed to report the loans as suspicious and did not alert authorities when the loans began to default. The lack of action from these banks has raised concerns, as they had a legal obligation to notify authorities about such defaults. There is a possibility of illicit payments to bank officials to keep them silent about these financial red flags.
Alongside the loan fraud probe, the ED is investigating a larger fake bank guarantee racket connected to Ambani's companies, conducting searches in cities like Bhubaneswar and Kolkata. This aspect of the investigation aims to unravel the flow of funds that amounts to the alleged ₹17,000-crore fraud tied to Ambani's firms. Anil Ambani is scheduled for further questioning today.
The agency's scrutiny has intensified, with additional searches previously conducted at over 35 locations in Mumbai between July 24 and July 27, although Ambani did not initially respond to the ED's summons. A spokesperson for Reliance Power stated that the investigation has concluded at all locations, asserting full cooperation with the ED and claiming that the actions taken by the agency do not impact the company's business operations or stakeholders. They clarified that the ongoing issues were related to past transactions of Reliance Communications Limited (RCOM) and Reliance Home Finance Limited (RHFL), which have been dormant for over a decade. Furthermore, Reliance Power operates as a distinct entity with no connection to RCOM or RHFL.
The ED's investigation has uncovered potential violations in Yes Bank's loan approvals for Ambani's companies, including backdated approvals and lack of due diligence before granting loans. Allegations have been made that Reliance Mutual Fund invested around ₹2,850 crores in Yes Bank AT1 bonds as part of a quid pro quo arrangement, leading to significant financial losses for the investors and the public.
Legal troubles for Anil Ambani have escalated following SEBI's actions, which included a five-year ban from the securities market for him and other key executives due to allegations of fund diversion from RHFL. The total penalties faced by Ambani and the other implicated entities exceeded ₹625 crores, signaling serious concerns regarding governance and financial practices in his ventures. The situation continues to evolve as the ED gathers additional evidence, including documents and digital data, to complete its investigation into the alleged money laundering and fraud schemes connected to Anil Ambani's business activities.
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Hindusthan Samachar / Jun Sarkar
