Daijiworld Media Network - New Delhi
New Delhi, Nov 6: The Enforcement Directorate (ED) has summoned Reliance ADAG Group Chairman Anil Ambani for questioning on November 14 in connection with an ongoing money laundering investigation against his conglomerate, official sources said on Wednesday.
The latest summons follows the ED’s move earlier this week to provisionally attach over 132 acres of land in Dhirubhai Ambani Knowledge City (DAKC), Navi Mumbai — valued at Rs 4,462.81 crore — under the Prevention of Money Laundering Act (PMLA).
This attachment adds to earlier seizures of 42 properties worth Rs 3,083 crore linked to alleged bank fraud cases involving Reliance Communications Ltd. (RCOM), Reliance Commercial Finance Ltd., and Reliance Home Finance Ltd.
“With these latest actions, the total value of assets attached in the Reliance ADAG-related investigations now exceeds Rs 7,545 crore,” the agency said, adding that it remains committed to tracing and recovering the proceeds of financial crimes.
The money laundering probe stems from a CBI case filed under various sections of the Indian Penal Code (IPC) and the Prevention of Corruption Act against RCOM, Anil Ambani, and several others.
According to investigators, RCOM and its group companies took loans from domestic and foreign lenders between 2010 and 2012, amounting to a total outstanding of Rs 40,185 crore. At least five banks have classified these loan accounts as fraudulent.
The ED’s findings indicate that funds borrowed by one company were allegedly used to repay loans taken by other group entities, transferred to related parties, or invested in mutual funds — all in violation of loan conditions.
The agency’s analysis shows that:
• Around Rs 13,600 crore was diverted for “evergreening” loans.
• Over Rs 12,600 crore was routed to connected parties.
• About Rs 1,800 crore was invested in fixed deposits and mutual funds, which were later liquidated and rerouted to group entities.
Officials also uncovered extensive misuse of bill discounting facilities to divert funds and identified several instances of money being siphoned off abroad through foreign remittances.
The ED stated that its investigation remains ongoing, with further questioning and financial tracking underway to identify the full scope of fund diversion and beneficiaries.