Daijiworld Media Network – Mumbai

Mumbai, Sep 10: In more trouble for Reliance Group Chairman Anil Ambani, the Enforcement Directorate (ED) has registered a fresh money laundering case against him, Reliance Communications (RCom), and others in connection with an alleged Rs 2,929 crore bank fraud.

Officials said the ED’s action follows a First Information Report filed by the Central Bureau of Investigation (CBI) last month, accusing Ambani and RCom of causing a loss to the State Bank of India (SBI). The CBI had also conducted searches at six Mumbai locations linked to Ambani and RCom.

Investigators said the raids were aimed at collecting evidence on the alleged misuse of bank funds and whether loans were diverted. The SBI had classified RCom and Ambani as “fraud” on June 13 and informed the Reserve Bank of India (RBI) on June 24.

In its communication to RCom, SBI said: “We have taken cognisance of the responses to our Show Cause Notice and after due examination… it is concluded that sufficient reasons have not been provided to explain the non-adherence to loan terms and conditions or the irregularities observed in the account of RCL (Reliance Capital Limited).”

Ambani had earlier been questioned by the ED in connection with alleged diversion of around Rs 3,000 crore in loans given to Reliance Group companies by Yes Bank between 2017 and 2019. Investigators believe the bank’s promoters received payments just before loans were sanctioned, suggesting a possible quid pro quo arrangement.