Reliance Group Chairman Anil Ambani questioned by the Enforcement Directorate Tuesday morning on money laundering cases related to alleged bank loan frauds worth Rs 17,000 crore.
The probe company face to Mr Ambani after 3 days of investigating through the records of 50 businesses across 35 locations, and interviewing 25 people. Sources told ‘massive quantity of incriminating files and virtual proof’ recovered, send his summons.
ED questioning to Anil Ambani in money laundering case
The company has written to a dozen banks seeking information of due diligence followed for loans sanctioned to Mr Ambani’s groups, which includes Reliance Housing Finance and Reliance Communications. Details sought from the State Bank of India and personal banks like Axis, ICICI, and HDFC.
Specifically, the company has sought details on the technique observed for loan clearances, the timeline of default and recovery action that observed on such debts, resources said.
Rs 17,000 crore Loan Fraud Case
A initial research revealed that Rs 3,000 crore in loans from Yes Bank (dispersed between 2017 and 2019) were diverted. A comparable fraud – but a much large, i.e., over Rs 14,000 crore allegedly dedicated by Reliance Communications too, officers said.
The company has alleged an illegal quid pro quo arrangement – in which promoters of Yes Bank allegedly obtained payments in privately-held concerns just before sanctioning loans.
Anil Ambani also faces fraud charges over a second set of alleged loan frauds, this time worth Rs 14,000 crore and related to what make his flagship company, Reliance Communications, or RCom.
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