Jai Anmol Ambani, son of businessman Anil Ambani, was questioned by the Enforcement Directorate (ED) on Saturday for the second day in a row in connection with a money laundering case linked to an alleged bank loan fraud involving Yes Bank, officials said.
The 34-year-old appeared before the ED on Saturday, a day after his first round of questioning on Friday. The investigation is related to alleged irregularities in loans given by Yes Bank to companies linked to the Anil Dhirubhai Ambani Group.
Officials said the investigation is focusing on financial dealings of Reliance Home Finance Limited (RHFL) and Reliance Commercial Finance Limited (RCFL). As per the ED, investments linked to the group rose from about Rs 6,000 crore as of March 31, 2017, to nearly Rs 13,000 crore within a year. A part of these investments later turned into non-performing assets (NPAs), causing an alleged loss of around Rs 3,300 crore to the bank.
The ED has earlier questioned industrialist Anil Ambani in this case. His elder brother is Mukesh Ambani. So far, there has been no official response from the Anil Ambani-led Reliance Group on the matter.
The ED has also initiated attachment proceedings under the Prevention of Money Laundering Act (PMLA). Assets worth about Rs 9,000 crore have been attached across several cities, including Navi Mumbai, Chennai, Pune and Bhubaneswar.
Who is Jai Anmol Ambani?
Jai Anmol Ambani was born in Mumbai on December 12, 1991. He studied at Cathedral and John Connon School in Mumbai and later at Sevenoaks School in the UK. He completed his business education at Warwick Business School. He began his career with Reliance Mutual Fund in 2014 and joined the board of Reliance Capital in 2016. In 2019, he was appointed director at Reliance Infrastructure but stepped down within a year.
The case continues to be investigated by the Enforcement Directorate and relates to alleged loan fraud involving Yes Bank.
