• Source:JND
Add as a preferred

Anil Ambani Summoned: The Enforcement Directorate (ED) summoned Anil Ambani, Reliance Group Chairman for questioning on August 5 in an alleged loan fraud-linked money laundering case against his group companies, news agency PTI reported, quoting official sources on Friday. The sources said the 66-year-old businessman has been asked to depose at the ED headquarters in Delhi. The ED official will record Ambani's statement under the Prevention of Money Laundering Act (PMLA) once he deposes.

The ED issued summons days after carrying out searches against multiple companies and executives of Ambani business group on July 24. The ED searches, went on for three days in several locations, covered more than 35 premises in Mumbai, and they belonged to 50 companies and 25 people, including a number of executives of the Anil Ambani Group companies.

ALSO READ: Rummy In Assembly Row: Maharashtra Minister Manikrao Kokate Shunted Out Of Agriculture Ministry, Bharne Replaces Him

What Is The Case Against Anil Ambani?

Ambani is facing legal actions following an alleged financial irregularities and collective loan "diversion" of more than Rs 10,000 crore by his multiple group companies. PTI, quoting ED sources, said the probe primarily pertains to allegations of illegal loan diversion of around Rs 3,000 crore, given by the Yes Bank to the group companies of Ambani between 2017-2019.

ALSO READ: India Gets 25%, Syria 41%, Brazil 50%: Which Countries Face Trump’s New Tariff From August 7? See Full Nation-Wise List

Reliance Power and Reliance Infrastructure, two companies of the group, had informed the stock exchanges saying while they acknowledge the action, the raids had "absolutely no impact" on their business operations, financial performance, shareholders, employees or any other stakeholders.

"The media reports appear to pertain to allegations concerning transactions of Reliance Communications Limited (RCOM) or Reliance Home Finance Limited (RHFL) which are over 10 years old," the companies had said.

The sources said, the ED detected that just before the loan was granted, Yes Bank promoters "received" money in their concerns. The agency is investigating this nexus of "bribe" and the loan.

The sources said the ED is also probing allegations of "gross violations" in Yes Bank loan approvals to these companies, including charges such as back-dated credit approval memorandums and investments proposed without any due diligence/credit analysis in violation of the bank's credit policy. The loans are alleged to have been "diverted" to many group companies and "shell" (bogus) companies by the entities involved.

(With PTI inputs)