THE JHARKHAND STORY DESK
New Delhi, August 1: The Enforcement Directorate (ED) has summoned industrialist Anil Ambani for questioning in connection with an alleged bank loan fraud case.
He has been asked to appear at the ED headquarters in New Delhi on August 5. The case involves alleged misappropriation of bank loans worth ₹3,000 crore and money laundering.
Multiple Raids on Reliance Group Entities
Earlier, on July 24, the ED conducted raids at more than 35 locations across Mumbai and Delhi, linked to 50 business entities and 25 individuals, in connection with the same case.
These searches, which lasted several days, targeted companies and individuals associated with the Reliance Anil Ambani Group (RAAGA) Companies. Following the raids, the ED has now issued summons to Anil Ambani for questioning.
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On July 26, Reliance Power and Reliance Infrastructure informed the stock exchanges that they were cooperating with the ED’s investigation. The companies also stated that the raids had no adverse impact on their business operations, financial performance, shareholders, or employees.
Investigation Triggered by Two CBI FIRs
The matter came under serious scrutiny after the CBI registered two FIRs alleging fraud, embezzlement, and obtaining bank loans through fraudulent means. Subsequently, the ED initiated a probe focusing on the money laundering aspect.
The investigation primarily concerns loans extended by Yes Bank to Anil Ambani’s companies between 2017 and 2019, during which significant irregularities were detected. According to preliminary findings, a well-orchestrated scheme was allegedly devised to deceive banks, investors, and government institutions.
Backdated Documents and Startling Revelations
One of the most shocking findings is that between 2017 and 2019, Yes Bank approved loans to the Reliance Anil Dhirubhai Ambani Group (RAAGA) without proper valuation. It was discovered that even before loan approvals, certain amounts were allegedly routed to bank officials through private companies.
The investigation revealed that crucial documents, such as the Credit Approval Memorandum (CAM), were backdated. There was no proper credit analysis or due diligence conducted before loan approvals.
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Additionally, funds were transferred to shell companies sharing the same address, directors, and weak balance sheets. In several cases, loan amounts were disbursed before official approvals were granted.
Major Irregularities in RHFL, SEBI Flags Concerns
The Securities and Exchange Board of India (SEBI) has also shared critical information with the ED regarding irregularities at Reliance Home Finance Limited (RHFL). Reports indicate that RHFL disbursed corporate loans worth ₹3,742.60 crore in 2017-18, which surged to ₹8,670.80 crore in 2018-19.
