NEW DELHI: Reliance Group Chairman Anil Ambani appeared before the Enforcement Directorate (ED) on Tuesday in connection with a money laundering probe linked to alleged large-scale bank loan frauds by his group companies, official sources said.
Ambani, 66, arrived at the central agency’s office in central Delhi around 11 am to record his statement under the Prevention of Money Laundering Act (PMLA).
His summons followed ED searches at 35 premises belonging to 50 companies and 25 individuals, including senior executives of his business group, in Mumbai on 24 July.
The investigation centres on alleged financial irregularities and the diversion of over Rs 17,000 crore in bank loans by several Anil Ambani group entities, including Reliance Infrastructure (R Infra).
One key allegation involves the diversion of approximately Rs 3,000 crore in loans granted by Yes Bank between 2017 and 2019. Sources said the ED is probing a possible quid pro quo arrangement, where Yes Bank promoters allegedly received money in their companies shortly before the loans were sanctioned.
The agency suspects serious irregularities in Yes Bank’s loan approvals, including back-dated credit approval notes, investments without due diligence, and violations of the bank’s internal credit policy.
Loans were reportedly channelled into group companies and shell entities, with some borrowers sharing common addresses and directors, weak financials, or lacking proper documentation.
The ED’s case stems from at least two FIRs filed by the CBI and reports submitted by regulatory bodies such as SEBI, the National Housing Bank, the National Financial Reporting Authority, and the Bank of Baroda.
According to sources, these reports reveal a “well-planned and premeditated scheme” to divert public money, defrauding banks, investors, shareholders, and institutions.
