Key Highlights:
- ED probes alleged Rs 17,000 crore bank loan fraud involving Reliance Group firms.
- Anil Ambani’s statement recorded under the PMLA; multiple ED raids conducted earlier.
- Allegations include fund diversion, fake companies, and improper loan approvals from Yes Bank.
Mumbai: Anil Ambani, Chairman of the Reliance Group, appeared before the Enforcement Directorate (ED) in New Delhi on Tuesday. The central agency is investigating a money laundering case involving several bank loan frauds connected to his companies.
Ambani arrived at the ED’s office around 11 AM, where his statement was recorded under the Prevention of Money Laundering Act (PMLA).
ED Conducted Raids Before Summons
The questioning follows ED’s large-scale raids on July 24, covering 35 locations connected to 50 companies and 25 people, including executives from the Reliance Group. These searches relate to financial irregularities involving loan diversion worth over Rs 17,000 crore by group firms like Reliance Infrastructure (R Infra).
One major allegation is the misuse of Rs 3,000 crore in loans from Yes Bank to Reliance Group companies between 2017 and 2019.
Allegations of Bribes and Fake Companies
According to ED sources, Yes Bank may have approved loans without proper checks, even receiving possible bribes through linked companies before loan sanctions. Some loans were allegedly given to firms with weak finances, common addresses, or shared directors — a red flag suggesting fake or shell companies.
ED is also investigating if internal credit rules were ignored, including use of back-dated documents and lack of proper loan assessments.
SEBI, CBI, NHB Reports Support ED Case
The ED’s case is backed by reports from SEBI, CBI, National Housing Bank, and others. These suggest there was a planned strategy to siphon off public money, cheating banks, investors, and institutions.
One case involves R Infra allegedly sending money disguised as inter-corporate deposits (ICDs) to other group firms via a company called CLE, which was not disclosed as a related party — possibly to avoid required approvals.
Reliance Group Denies Wrongdoing
A Reliance Group spokesperson denied any fraud. They stated that the Rs 10,000 crore diversion claim is a 10-year-old matter, and actual exposure was Rs 6,500 crore, which is now being recovered through court-monitored mediation.
They also clarified that Anil Ambani has not been on the board of R Infra since March 2022.
More Cases Under ED’s Lens
ED is also looking into a Canara Bank fraud of Rs 1,050 crore involving Reliance Communications (RCOM), undisclosed foreign assets, and investment links to AT-1 bonds worth Rs 2,850 crore by Reliance Mutual Fund. These bonds are high-risk financial instruments used by banks.
(With PTI Inputs)
