The Enforcement Directorate (ED) has been intensifying its actions against the Anil Ambani-led Reliance Group in recent times. For the first time, an FIR was filed against Anil Ambani’s son, Jai Anmol Ambani, in a money laundering case connected to Yes Bank.
On Sunday, 34-year-old Jai Anmol Ambani appeared before the ED for the second consecutive day as part of the ongoing investigation. Officials confirmed that the Jai Anmol was questioned regarding an alleged bank loan fraud involving the Reliance Group. His first appearance was on Friday.
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The ED investigation focuses on alleged loan fraud involving Yes Bank. The Anil Dhirubhai Ambani-led Reliance Group has not responded to queries on the matter. According to reports, as of March 31, 2017, the Reliance Group had investments worth around Rs 6,000 crore, which reportedly doubled to approximately Rs 13,000 crore within a year. Entities such as Reliance Home Finance Limited (RHFL) and Reliance Commercial Finance Limited (RCFL) are part of the investigation.
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The ED alleges that a portion of these large investments turned into non-performing assets (NPAs), resulting in a loss of Rs 3,300 crore to the bank. Anil Ambani has also been questioned previously in connection with this case.
Under the Prevention of Money Laundering Act (PMLA), the ED has initiated attachment proceedings against the Reliance Group’s assets, reportedly worth around Rs 9,000 crore, across locations including Navi Mumbai, Chennai, Pune, and Bhubaneswar.
Jai Anmol Ambani’s Background
Jai Anmol Ambani completed his early education at the John Connon School in Mumbai before moving to the UK for higher studies. He earned a degree from Warwick Business School and started his corporate career with Reliance Mutual Fund in 2014. In 2016, he joined the Reliance Capital board, and in 2019, he became a director of Reliance Infra alongside his brother Jai Anshul. He resigned from the board of Reliance Infra within a year.