The Enforcement Directorate (ED) has summoned industrialist Anil Ambani for questioning on August 5 in connection with an alleged ₹17,000-crore loan fraud case, official sources said on Friday.
The summons pertains to a money laundering probe under the Prevention of Money Laundering Act (PMLA), with the ED investigating potential financial irregularities, fund diversion, and bank fraud linked to companies under the Reliance Anil Dhirubhai Ambani Group (RAAGA).
The move follows an extensive ED operation on July 24, during which raids were conducted at 35 locations, targeting over 50 companies and 25 individuals allegedly involved in laundering public money and manipulating loan approvals.
According to officials, the investigation is supported by intelligence and data shared by agencies including the National Housing Bank, SEBI, Bank of Baroda, and the National Financial Reporting Authority (NFRA).
Key Findings So Far:
- Loan Diversion from Yes Bank: Nearly ₹3,000 crore was allegedly diverted from loans extended by Yes Bank between 2017 and 2019, with bribes reportedly paid to bank officials, including its promoter.
- Backdated Loan Documents: Investigations revealed backdated Credit Approval Memorandums, poor or absent due diligence, and loans sanctioned to shell firms.
- Violation of Related Party Norms: Reliance Infra is accused of routing funds to a concealed related party (referred to as “C Company”) to bypass mandatory shareholder approvals.
- Mutual Fund Irregularities: Reliance Mutual Fund allegedly invested ₹2,850 crore in YES Bank AT-1 bonds, now under scrutiny for a suspected quid pro quo.
- Haircuts and Asset Transfers: RAAGA entities reportedly settled debts worth over ₹10,000 crore through asset transfers and economic rights in defunct companies, leaving minimal chances of recovery.
- Undisclosed Foreign Assets: The ED is also probing foreign bank accounts and assets linked to Ambani and his companies.
- Fraud Classifications: SBI and Canara Bank have both declared Reliance Communications and its promoter Anil Ambani as involved in fraudulent activity under RBI guidelines.
The ED has also noted a dramatic surge in corporate loans issued by Reliance Home Finance Ltd (RHFL), from ₹3,742 crore in FY18 to ₹8,670 crore in FY19, which are now under the scanner.
The case, involving multiple enforcement and regulatory bodies, is among the largest ongoing financial investigations and could have significant ramifications for corporate governance and banking oversight in India.