The Enforcement Directorate (ED) has issued summons to Reliance Group chairman Anil Ambani in connection with an alleged Rs 3,000 crore bank loan fraud case. The industrialist has been asked to appear for questioning at the ED’s Delhi headquarters on August 5.
The summons follow searches conducted by the agency on July 24 at multiple locations in Mumbai, allegedly linked to Anil Ambani. The raids, which were carried out at more than 35 locations and concluded on July 27, were part of a money laundering investigation involving companies under the Reliance Anil Dhirubhai Ambani Group.
The ED is probing allegations of illegal misappropriation of loans worth Rs 3,000 crore, disbursed by Yes Bank to the group’s companies between 2017 and 2019. The probe agency is also looking into whether a quid pro quo arrangement existed, including suspected bribe payments to Yes Bank officials, possibly involving its promoters.
The probe agency conducted massive search operations at 35 premises across 50 companies, with over 25 individuals allegedly linked to the money laundering case.
“The action by ED has concluded at all locations. The Company and all its officials have fully cooperated and will continue to cooperate with the authority. Action by ED has no impact on the business operations, financial performance, shareholders, employees, or any other stakeholders of the company. The same appears to pertain to allegations concerning transactions of Reliance Communications Limited (RCOM) or Reliance Home Finance Limited (RHFL), which are over 10 years old,” a spokesperson of Reliance Power said in a statement.
“Reliance Power is a separate and independent listed entity with no business or financial linkage to RCOM or RHFL. RCOM has been undergoing the Corporate Insolvency Resolution Process as per the Insolvency and Bankruptcy Code, 2016, for over six years. RHFL has been fully resolved pursuant to the judgment of the Hon’ble Supreme Court of India. Mr Anil D. Ambani is not on the Board of Reliance Power. Accordingly, any action taken against RCOM or RHFL has no bearing or impact on the governance, management, or operations of Reliance Power,” it said.
The move followed a probe launched by the ED under the offence of alleged money laundering by Reliance Anil Ambani Group (RAAGA) companies subsequent to recording of a First Information Report (FIR) by the Central Bureau of Investigation (CBI).
