ED summons Anil Ambani on August 5; loan diversion charge being probed: What's the case about?
NEW DELHI: The
Enforcement Directorate
on Friday summoned industrialist
Anil Ambani
on August 5 in loan fraud case amid probe over bribery, unsecured loans allegations, according to Economic Times.
This comes days after the central probing agency conducted simultaneous raids in connection with an alleged money laundering case involving bank loan fraud worth Rs 3,000 crore against Reliance Group chairman
Officials said that searches were done at over 35 locations in Mumbai, covering 50 companies and 25 individuals under the Prevention of Money Laundering Act (PMLA).
A Delhi-based ED unit is spearheading the investigation.
What's the case about
The agency is probing alleged improper diversion of approximately Rs 3,000 crore in loans, granted by
Yes Bank
to Ambani's group companies between 2017 and 2019. In reaction to the raids, Reliance Power and Reliance Infrastructure issued clarification letters to the exchanges.
According to officials, multiple agencies, including the National Housing Bank, SEBI, National Financial Reporting Authority (NFRA), and Bank of Baroda, have shared relevant information with the ED.
Officials told that 'ED has found gross violations in Yes Bank loan approvals to RAAGA companies,' including backdated Credit Approval Memorandums, lack of due diligence, and breaches of the bank's credit policies. The loans were allegedly diverted to multiple group and shell companies.
Red flags identified include loans to entities with weak financials, shared addresses and directors, poor documentation, and evergreening of loans.
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Officials also noted, 'SEBI is also learnt to have shared its findings with ED in the case of RHFL.'
The searches at premises identified with industrialist Anil Ambani have huge financial implications for public money, Rs 20-30,000 crore, which the agency believes has been siphoned off, including outside the country, through "undisclosed foreign bank accounts and foreign assets" created over the years.
A large chunk of the money came to Reliance ADAG from SBI and other public sector banks, besides Yes Bank, then a private entity, and mutual funds.
Preliminary investigation has thrown up a mysterious entity: 'C Company'. The entity, whose existence was not known so far, is allegedly found to have been involved in related party transactions in this whole scam, sources said.
(This is a developing story)
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