Mumbai: Trouble continues to mount for Reliance Group Chairman and Managing Anil Ambani, as the Enforcement Directorate (ED) has issued a lookout notice against him amid an ongoing investigation into an alleged ₹17,000 crore loan fraud involving the Reliance Group, according to an Economic Times report.
As a result, he has been barred from leaving India without prior permission from the investigating officer. Reportedly, if he attempts to travel abroad, he may be detained at airports or seaports.
The current probe is based on FIR No. 0131/2024, filed by the Economic Offences Wing (EOW) of Delhi Police on November 11, 2024.
Raids & Summons
The lookout notice comes hours after the ED summoned him for questioning on August 5 and conducted raids at over 35 locations in Mumbai associated with 50 companies and 25 individuals.
What Is ED Investigating?
The ED is probing alleged financial irregularities involving the Reliance Group, focusing on large-scale loan diversion and suspected bribery linked to Yes Bank.
Reportedly, Yes Bank promoters received money in their associated entities just before sanctioning loans, suggesting a possible quid pro quo transaction.
The probe agency is now investigating the alleged nexus between Yes Bank promoters and Anil Ambani-linked companies.
According to the ED, the probe has revealed links between companies linked to Anil Ambani and a fake bank guarantee of Rs 68.2 crore submitted to the Solar Energy Corporation of India (SECI).
The fake guarantee was allegedly issued in the names of M/s Reliance NU BESS Limited and M/s Maharashtra Energy Generation Limited—both linked with the ADAG group.
“SEBI flagged a dramatic increase in corporate loans by RHFL, from Rs 3,742.60 crore in the financial year 2017-18 to Rs 8,670.80 crore in FY2018-19, and several illegal practices such as irregular and expedited approvals, deviations from standard process,” the Print quoted an ED officials as saying.
