#JustIn: ED Summons Anil Ambani for Second Questioning on November 14
Enforcement Directorate intensifies scrutiny on Reliance Group chairman over alleged bank fraud.
The Enforcement Directorate has issued a summons to Reliance Group Chairman Anil Ambani, requiring his appearance on November 14 for a second round of questioning in an ongoing money laundering investigation. This development follows his previous interrogation in August and is connected to allegations of bank loan fraud involving the State Bank of India. The probe examines financial irregularities within Ambani's group companies, underscoring the agency's determination to address systemic issues in corporate lending practices.
Recent actions by the Enforcement Directorate include the provisional attachment of assets valued at over ₹7,500 crore belonging to Ambani's group entities. These assets encompass residential and commercial properties, such as Ambani's family residence in Mumbai's Pali Hill area, as well as 32 acres of land at the Dhirubhai Ambani Knowledge City in Navi Mumbai. The attachments, issued under the Prevention of Money Laundering Act, represent a significant escalation in the enforcement efforts against the group.
The investigation originated from a Central Bureau of Investigation First Information Report, which accuses Anil Ambani, Reliance Communications, and associated parties of criminal conspiracy, cheating, and corruption. Between 2010 and 2012, the companies secured loans exceeding ₹40,000 crore from domestic and international banks, with five accounts subsequently classified as fraudulent. This case highlights broader concerns regarding accountability in high-value financial transactions within India's corporate sector.
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Enforcement Directorate findings reveal a pattern of fund diversion, including approximately ₹13,600 crore through loan evergreening mechanisms to conceal non-performing assets. Additional irregularities involve the transfer of over ₹12,600 crore to affiliated entities, cycling of ₹1,800 crore via fixed deposits and mutual funds, and the exploitation of bill discounting schemes to channel funds to shell companies. Remittances abroad have also been identified, complicating efforts to trace illicit flows.
Reliance Infrastructure has stated that the Enforcement Directorate's measures will not impact its operational continuity, shareholder interests, or employee welfare, noting that Anil Ambani has not served on its board for more than three and a half years. As the November 14 questioning approaches, the agency remains focused on recovering all diverted funds, potentially leading to further legal proceedings and asset restitutions in this high-profile case.
Also Read: ED Seizes ₹4,462 Crore Dhirubhai Ambani Knowledge City Land in RCom Bank Fraud Case
