Daijiworld Media Network – New Delhi

New Delhi, Mar 9: The Enforcement Directorate (ED) is set to take over the investigation into an alleged bank fraud case worth Rs 1,085.19 crore involving industrialist Anil Ambani and Reliance Communications (RCom), officials said.

The move follows a First Information Report (FIR) registered earlier by the Central Bureau of Investigation (CBI) based on a complaint filed by Punjab National Bank (PNB).

According to senior officials, the ED will launch a parallel investigation under the Prevention of Money Laundering Act (PMLA), 2002, treating the CBI FIR as the predicate offence. The agency is expected to issue summons to Ambani as part of the probe.

The CBI had registered the FIR on March 5, naming Reliance Communications, Anil Dhirajlal Ambani (erstwhile director), former director Manjari Ashok Kacker and others. The complaint relates to alleged cheating and diversion of loan funds between April 2013 and March 2017.

Investigators have alleged that the fraud caused a loss of Rs 1,085.19 crore to lenders, including Rs 621.39 crore to Punjab National Bank and Rs 463.80 crore to United Bank of India, which has since merged with PNB.

The ED has previously investigated several money laundering cases linked to Ambani and companies associated with his group. In February this year, the agency provisionally attached Ambani’s Pali Hill residence ‘Abode’ in Mumbai, valued at Rs 3,716.83 crore, in connection with an earlier RCom-related bank fraud case.

According to ED statements, the cumulative value of properties attached in cases linked to the group now exceeds Rs 15,700 crore. Investigators have alleged that loans amounting to over Rs 40,185 crore from domestic and foreign lenders were diverted through related-party transactions and alleged fictitious dealings.