Anil Ambani Misses Second ED Appearance in Expanding FEMA Investigation, Sources

Anil Ambani, Chairman of the Reliance Group, failed to appear before the Enforcement Directorate on Monday for interrogation in an ongoing investigation under the Foreign Exchange Management Act, marking the second consecutive instance of non-compliance with summons. The agency had previously rejected his request for a virtual hearing, insisting on an in-person attendance, which he also bypassed on Friday. Ambani's last interaction with ED investigators occurred in August, underscoring a pattern of reluctance amid escalating scrutiny of his group's financial practices.

The probe originates from a Central Bureau of Investigation FIR accusing Ambani, Reliance Communications, and associated entities of fraud, criminal conspiracy, and corruption linked to the Jaipur-Reengus highway project awarded to Reliance Infrastructure in 2010. Authorities allege that approximately Rs 40 crore from the project funds were illicitly transferred abroad via shell companies in Surat and subsequently routed to Dubai, forming part of an extensive hawala network exceeding Rs 600 crore. This case highlights systemic irregularities in the group's borrowing and fund management activities during the specified period.

Between 2010 and 2012, Reliance Communications and its affiliates secured loans totaling over Rs 40,000 crore from domestic and international banks, with five accounts subsequently classified as fraudulent by the lenders. The Enforcement Directorate's examination has uncovered diversions amounting to Rs 13,600 crore through loan evergreening mechanisms, Rs 12,600 crore shifted to related entities, and over Rs 1,800 crore cycled via fixed deposits and mutual funds before redirection into group companies. These revelations point to deliberate strategies to obscure financial trails and sustain operational liquidity.

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In response to these findings, the ED has intensified enforcement actions, recently attaching assets valued at Rs 4,462 crore belonging to Ambani's group firms. Earlier this week, the agency seized approximately 132 acres of land at the Dhirubhai Ambani Knowledge City in Navi Mumbai, assessed at Rs 7,545 crore, in connection with the Reliance Communications bank loan irregularities. Such measures aim to recover misappropriated funds and deter further violations within the conglomerate.

The repeated evasion of summons raises questions about accountability in high-profile corporate probes and could precipitate additional legal repercussions for Ambani and his enterprises. As investigations deepen, the focus remains on dismantling the alleged networks of financial manipulation, with potential implications for broader regulatory reforms in India's banking and infrastructure sectors.

Also Read: SFIO Probe Deeper into Anil Ambani’s Reliance Group Over Alleged Fund Diversion