ED To Summon Anil Ambani Again After 7-10 Days In Loan Fraud Case
Anil Ambani was asked to appear before the ED on Tuesday for questioning in connection to the loan fraud case linked to Reliance Group entities.
The Enforcement Directorate will summon businessman Anil Ambani again in 7-10 days in connection to the alleged loan fraud case linked to Reliance Group entities, sources told NDTV Profit on Tuesday.
Ambani, who was called for questioning by the federal agency on Tuesday, told officials that he is not aware of various transactions which the ED has pointed out related to the loan fraud case, as per the persons privy to the development.
Ambani needs to check details and respond to the levelled allegations accordingly, the persons added. His two key executives, Amitabh Jhunjhunwala and Sateesh Seth, are to be questioned this week, they further said.
The ED's probe into the alleged illegal loan fraud linked to Anil Ambani Group companies is seen as one of the biggest corporate loan frauds currently under investigation.
This massive Rs 17,000-crore default has thrust the spotlight once again on some of the largest corporate loan frauds in India’s recent history, highlighting persistent challenges in bank loan recoveries and corporate governance.
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The Anil Ambani case involves complex financial dealings, including alleged quid pro quo arrangements with bankers, suspicious investments routed through shell companies, and forged bank guarantees.
The ED, which tackles financial crimes in the country, may summon some bankers for questioning in the investigation related to loans issued to the Anil Ambani group that later became non-performing assets, people familiar with the matter told NDTV Profit on Monday.
The agency has written to 12-13 public-sector and private banks seeking details on due diligence followed on the loans sanctioned to Reliance Housing Finance, Reliance Communications and Reliance Commercial Finance. These include State Bank of India, Axis Bank, ICICI Bank, HDFC Bank, UCO and Punjab and Sind Bank.
The ED has sought details on the process followed for loan clearances, the timeline of default and recovery action that followed on such accounts, sources said. Bankers may be summoned and questioned if the investigators are not satisfied with the replies, they added.
