ED Summons Anil Ambani in ₹17,000 Crore Bank Loan Fraud Case

The Enforcement Directorate has issued summons to Reliance Group Managing Director and Chairman Anil Ambani in the Rs 17,000 crore bank loan fraud case. According to the Economic Times report, the ED has asked him to appear for questioning at its headquarters in Delhi on August 5.

Anil Ambani Summoned by ED in ₹17,000 Crore Loan Fraud Case

Last week, the ED raided about 35 locations related to the Reliance Group from Delhi to Mumbai under the Prevention of Money Laundering Act (PMLA). During these raids, many documents, financial transactions, digital records and other evidence were seized.

What is the ED Investigating?

Earlier, the Securities and Exchange Board of India (SEBI) had submitted its investigation report to the ED and two other central investigating agencies regarding the alleged fund diversion of Rs 10,000 crore. It is alleged that the loan amount was allegedly diverted to other companies and used for purposes other than the prescribed purposes, which comes under the purview of money laundering.

Loans Taken from Yes Bank Without Collateral

The central investigation agency alleges that several companies of Reliance Group took large loans from Yes Bank without any adequate guarantee and that money was spent on other works through shell companies. Two FIRs were earlier registered by the CBI in this case, after which the ED started the investigation.

What Reliance Power Has Said in Its Defence

After the allegations of bank loan fraud, Reliance Power and Reliance Infrastructure said in their clarification that they have no business or financial relationship with Reliance Communications (RCom) or RHFL. They also clarified that Anil Ambani is not included in the board of these companies. It is worth noting that SBI has declared Anil Ambani and RCom as fraud.