Anil Ambani Faces ED Heat: Mumbai, Delhi Premises Searched Over Alleged Money Laundering
ED's action at Anil Ambani's were linked to an ongoing probe into suspected diversion of loans sanctioned between 2017 and 2019, sources said.
The Enforcement Directorate on Thursday searched properties linked to Anil Ambani in Mumbai and Delhi over alleged money laundering, according to people familiar with the matter.
The agency carried out operations at more than 35 premises connected to Reliance Home Finance Ltd., covering around 50 companies and 25 individuals, the people said, adding that the searches were conducted under Section 17 of the Prevention of Money Laundering Act.
The action is linked to an ongoing probe into suspected diversion of loans sanctioned between 2017 and 2019, the sources said. Authorities are looking into whether funds were routed through shell companies and promoter-linked entities, in violation of the lending terms.
The ED is examining if bribes were paid to bank officials, including the founders of Yes Bank, and whether money was received by promoters even before loans were granted, sources said, adding that the agency is also looking into a significant rise in corporate loan disbursals by RHFL between April 2017 and March 2019. Funds from Yes Bank loans were allegedly further diverted to group and shell firms, they said.
Market regulator SEBI is also learnt to have shared its findings with ED in connection with the Reliance Home Finance case.
Reliance Infrastructure and Relince Power, in separate statements to the exchanges, clarified that that is it a separate and independent listed entity with no business or financial linkage to RCOM or RHFL. "The said actions have absolutely no impact on the business operations, financial performance, shareholders, employees, or any other stakeholders, they echoed each other in their respective statements.
