Daijiworld Media Network – New Delhi
New Delhi, Aug 5: Reliance Group Chairman Anil Ambani is set to appear before the Enforcement Directorate (ED) on Monday for questioning in connection with an alleged Rs 17,000 crore bank loan fraud and money laundering case.
The summons, issued on August 1, follows recent raids conducted by the ED at multiple locations linked to Ambani’s companies in Delhi and Mumbai. The searches, carried out under the Prevention of Money Laundering Act (PMLA), lasted three days and targeted around 50 companies and 25 individuals, including top executives from the Anil Ambani Group. A large volume of documents and digital evidence was seized, officials said.
The ED is probing alleged illegal loan diversions worth Rs 3,000 cr from Yes Bank between 2017 and 2019 and an additional Rs 14,000 cr fraud linked to Reliance Communications. The agency has sought loan details from 12–13 public and private banks including SBI, Axis Bank, ICICI, HDFC Bank, UCO Bank, and Punjab and Sind Bank. Officials say the focus is on how due diligence was handled during the sanctioning of loans to Reliance Housing Finance, Reliance Communications, and Reliance Commercial Finance.
The financial probe agency has also issued a lookout circular against Ambani. The case has gained momentum after the arrest of Partha Sarathi Biswal, managing director of Biswal Tradelink Pvt Ltd, who allegedly submitted fake guarantees worth Rs 68.2 cr on behalf of Reliance Power.
The ED investigation was triggered by two FIRs filed by the Central Bureau of Investigation (CBI). Sources allege that Yes Bank promoters received bribes before loans were disbursed to Ambani's group companies, raising serious concerns of collusion and corruption.
Investigators have flagged multiple irregularities such as poor financial checks, use of common directors across entities, shell companies, absence of critical documents, and loan evergreening practices — where fresh loans were issued to repay old ones.
Despite the ED action, Reliance Power and Reliance Infrastructure clarified on July 26 that their operations and financials remain unaffected. Notably, in 2020, SBI had already declared Reliance Communications and Ambani's accounts as fraudulent, though a Delhi High Court order later stayed the complaint.
The ED probe continues to unravel what appears to be one of the largest financial fraud cases in recent years, potentially impacting several financial institutions and corporate entities.