Daijiworld Media Network – New Delhi

New Delhi, Dec 20: The Enforcement Directorate (ED) on Saturday continued its questioning of Jai Anmol Ambani, son of industrialist Anil Ambani, for the second consecutive day in connection with a money laundering case linked to an alleged bank loan fraud, officials said.

The 34-year-old was first questioned on Friday, during which his statement was recorded under the provisions of the Prevention of Money Laundering Act (PMLA). The questioning resumed on Saturday as part of the ongoing investigation, officials added.

The Reliance Anil Dhirubhai Ambani Group has not issued any response to the development so far.

According to officials, the ED probe pertains to alleged irregularities in loans extended by Yes Bank to companies of the Reliance Anil Dhirubhai Ambani Group. The bank reportedly had an exposure of around Rs 6,000 crore to the group as of March 31, 2017, which allegedly doubled to nearly Rs 13,000 crore within a year.

The companies under scrutiny include Reliance Home Finance Limited (RHFL) and Reliance Commercial Finance Limited (RCFL). Investigators allege that a substantial portion of these loans later turned into non-performing investments (NPIs), causing Yes Bank an estimated loss of around Rs 3,300 crore.

Earlier, industrialist Anil Ambani himself was also questioned by the ED in connection with the alleged bank loan fraud involving Reliance Group companies.