Mumbai: The Enforcement Directorate (ED) is set to question Reliance Group Chairman and Managing Director Anil Ambani on Tuesday, August 5, in connection with a multi-crore money laundering and loan fraud case. The probe involves financial irregularities amounting to a staggering Rs 17,000 crore, with a specific focus on a Rs 3,000 crore loan fraud linked to Yes Bank.
Anil Ambani has already reached the ED office in Delhi for questioning. Visuals of his car reaching the investigation agency's office have surfaced on the internet. The interrogation comes days after the agency intensified its investigation into financial dealings linked to companies associated with Ambani's Reliance Group.
Recently, the ED had earlier issued a lookout circular against Anil Ambani on August 1, effectively restricting his international travel without prior approval from the agency. Officials confirmed that Ambani could be detained at any Indian airport if he attempts to leave the country.
ED Searches On Multiple Locations Linked To Anil Ambani
The latest development follows an extensive crackdown by the ED last week, during which over 50 locations linked to Anil Ambani, including offices and premises in Mumbai and Delhi, were raided. The operation was conducted under Section 17 of the Prevention of Money Laundering Act (PMLA). More than 25 individuals were also questioned as part of the ongoing probe.
The case reportedly centres around loans disbursed by Yes Bank to various firms under the Reliance Group between 2017 and 2019. Preliminary findings suggest that a major portion of the funds were allegedly diverted to shell companies or siphoned off to other entities within the group. Investigators are also probing potential kickbacks paid to top officials at Yes Bank during the loan disbursement process.
The ED’s probe aims to uncover whether these funds were used for legitimate business activities or laundered through a web of fake firms. The agency is also looking into possible violations of banking norms and financial misappropriation on a large scale.
