New Delhi: Industrialist Anil Ambani has been summoned by the Enforcement Directorate (ED) in connection with a ₹3,000 crore bank loan fraud case. The ED has asked him to appear for questioning at its Delhi office on August 5.
The investigation focuses on loans given by Yes Bank between 2017 and 2019 to companies that are part of the Reliance Anil Dhirubhai Ambani Group. Authorities suspect that these loans were misused and may have involved illegal payments to bank officials.
Last week, ED officials searched more than 35 locations in Mumbai linked to the businessman. The searches began on July 24 and ended on July 27.
A spokesperson from Reliance Power, one of the group’s companies, said that the company has fully cooperated with the investigation. The spokesperson also clarified that this case seems to be related to old transactions involving Reliance Communications (RCOM) and Reliance Home Finance (RHFL), not Reliance Power.
They added that Anil Ambani is no longer on the board of Reliance Power, and the company’s business operations are not affected by the investigation.
The ED’s investigation revealed that Yes Bank may have violated rules while approving loans. Some loan documents were possibly backdated, and also proper checks were not done before giving the money.
The ED also found that Reliance Mutual Fund had invested nearly ₹2,850 crore in Yes Bank bonds, which later lost their value. This money came from ordinary investors.
Apart from the ED, the Central Bureau of Investigation (CBI) is also looking into the matter. Reports from the Securities and Exchange Board of India (SEBI), National Housing Bank, and other financial regulators have been shared with the ED to support the probe.
Last year, SEBI had banned Anil Ambani and 24 others from the stock market for five years. They were accused of diverting funds from RHFL. SEBI also imposed a fine of ₹25 crore on Anil Ambani, and the total penalty for all involved crossed ₹625 crore.
The investigation is still ongoing.
