The Enforcement Directorate (ED) has issued a summons to businessman Anil Ambani in connection with its money laundering probe into alleged loan fraud worth several thousand crores, people familiar with the matter said on Friday.
Ambani has reportedly been summoned by the agency for August 5 to answer questions regarding loans to Reliance Home Finance Limited (RHFL) and Reliance Commercial Finance Ltd (RCFL), and the suspected diversion of these funds.
Investigators will likely inquire about the nature of these loans and allegations of fund diversion. This development suggests an ongoing investigation into the financial dealings of these entities, with Ambani’s testimony being a key part of understanding the transactions and any potential irregularities.
Earlier, on July 25, the Enforcement Directorate (ED) conducted a massive operation at more than 35 locations in Mumbai connected to the industrialist Anil Ambani, as they continued their investigation into money laundering. The investigation is part of the inquiry undertaken under the Prevention of Money Laundering Act (PMLA) that is linked to a suspected 3,000-crore bank loan scam by companies that form part of the Reliance Anil Dhirubhai Ambani Group (ADAG).
The authorities reaffirmed that the ED is investigating the role of approximately 50 businesses and 25 persons linked with the situation. Allegedly, the loans issued by Yes Bank to other companies of the Adag group since 2017 are the main subject matter of the investigation, as the money has been misappropriated illegally. Officials are also investigating possible payment of bribes to officials and to Yes Bank promoters in a quid pro quo arrangement to approve loans.
During the raids, ED has found a “gross violation” in Yes Bank loan approvals to Reliance Anil Ambani Group Companies. “Credit approval memorandums (CAMs) were back-dated, investments were proposed without any due diligence or credit analysis in violation of the bank’s credit policy,” the officer said.
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