Mumbai: ED’s interrogation of Anil Ambani has started in the Rs 17000 crore loan fraud case. The chairman of Reliance Group is facing questions from ED. ED’s preliminary investigation has revealed illegal loan transfers of about Rs 3,000 crore from Yes Bank (period from 2017 to 2019). Later, the officials came to know about a loan fraud of more than Rs 14,000 crore involving Reliance Communications Limited.
The federal investigation agency had issued a summons to him on August 1 and asked him to appear at its New Delhi office today. He arrived in Delhi on Tuesday morning by flight from Mumbai and appeared at the ED office for questioning. In a related development, the ED issued a Look Out Circular against Anil Ambani last week, preventing him from traveling abroad.
Earlier, in a three-day operation, the ED had raided 35 locations and individuals associated with Anil Ambani’s companies. During this, important documents, computer hard drives and other electronic gadgets were seized. The investigating agency has also written a letter to the banks seeking details of the approved loans to Anil Ambani’s companies. The ED has written a letter to 12-13 public and private banks seeking details of the due diligence done on the loans given to Reliance Housing Finance, Reliance Communications and Reliance Commercial Finance.
The initial investigation of ED has revealed illegal loan transfer of about Rs 3,000 crore from Yes Bank (period from 2017 to 2019). Later, the officials came to know about loan fraud of more than Rs 14,000 crore related to Reliance Communications Limited. After this, on July 24, ED raided 35 locations in Delhi and Mumbai for at least three days, which are related to 50 companies and 25 people.
ED also raided the houses of many officials of Anil Ambani’s companies and questioned more than 25 people. After this action, the shares of Anil Ambani’s companies fell badly. Lower circuit was applied in shares from Reliance Infra to Reliance Power. In the last five days itself, the share of Reliance Power has fallen by more than 11 percent. At the same time, the share of Reliance Infra has fallen by 10 percent.
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