ED Summons Anil Ambani In Rs 3,000 Crore Loan Fraud Probe: Report
The Enforcement Directorate has summoned Reliance Group chairman Anil Ambani for questioning on Aug. 5 in connection with a money laundering investigation linked to an alleged Rs 3,000 crore bank loan fraud, NDTV reported on Friday.
The move follows raids conducted by the agency on July 24 across multiple premises associated with Ambani's companies.
The searches, carried out under the Prevention of Money Laundering Act, spanned at least three days and targeted 50 companies and 25 individuals, including senior executives from the Anil Ambani Group.
The investigation centres on loans disbursed by Yes Bank Ltd. to Ambani's group firms between 2017 and 2019. The ED suspects that a portion of these funds may have been illegally diverted. Investigators are also probing a possible quid pro quo, alleging that Yes Bank promoters received financial benefits shortly before the loans were sanctioned.
In response to the developments, Reliance Power and Reliance Infrastructure issued statements to the stock exchanges on July 26, asserting that the ED's actions had “absolutely no impact” on their business operations, financial performance, or stakeholder interests.
The probe is part of a broader crackdown on financial irregularities involving large corporate entities and is expected to intensify in the coming weeks.
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