The Anil Ambani probe by the Enforcement Directorate is picking up momentum. The investigative agency, 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.
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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.
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Bankers may be summoned and questioned if the investigators are not satisfied with the replies.
On last week, the ED issued a look out circular against Anil Ambani, in connection with the alleged Rs 3,000-crore loan fraud case, as per NDTV sources. Ambani has been summoned to appear before the ED on Tuesday.
A look out circular prevents individuals from leaving the country in an attempt to evade prosecution. The move follows raids launched by the agency on July 24 across multiple premises associated with Ambani's companies.
The loan fraud 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 had already 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.
In June this year, the State Bank of India declared Reliance Communications and its promoter Anil Ambani's account as 'fraud', notifying the Reserve Bank of India and filing a complaint with the CBI. Investigators have since seized documents and digital records from group offices in Mumbai and Delhi as part of a wider probe into suspected misuse of public funds through a network of shell companies.
Earlier, the Securities and Exchange Board of India had barred Anil Ambani and several senior group executives from the securities markets for five years and imposed a monetary penalty for alleged diversion of funds from Reliance Home Finance.
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