ED summons Anil Ambani's top aides; probes banks over Rs 17,000 crore loan fraud

India Today

2 days ago

The Enforcement Directorate (ED) has widened its investigation into the alleged Rs 17,000 crore loan fraud case involving Anil Ambani's companies.Days after summoning Anil Ambani, the agency has now issued summons to several of his top executives for questioning under the Prevention of Money Laundering Act (PMLA).Among those called are two of Ambani's closest aides, Amitabh Jhunjhunwala and Sateesh Seth. Both are senior figures in Ambani's business empire and are believed to have had key roles in financial operations. According to officials, at least six summons have been issued so far. These executives had already come under the ED's radar earlier during searches carried out at various premises.The ED believes these senior executives were actively involved in helping divert funds and defraud banks. Officials suspect that some banks may have received kickbacks for turning a blind eye when the loans given to the group companies became non-performing assets (NPAs).As part of its investigation, the ED has now written to 39 banks. It has asked why these banks did not report the loans as suspicious or raise alerts with the authorities when the accounts began defaulting.'The silence of the banks even after loan defaults raises serious questions. These institutions had a legal duty to alert the authorities, which they failed to do,' a senior official told Aaj Tak/India Today TV.The ED is also looking into whether there was a deliberate attempt by bank officials to ignore red flags. Officials believe that illicit payments may have been made to bank staff in return for keeping quiet about the defaults.The investigation has expanded in recent weeks, with the ED conducting searches in multiple locations, including Bhubaneswar and Kolkata. These searches are connected to a broader fake bank guarantee racket that the agency believes is linked to the same group of companies.The fraud case centres around unpaid loans amounting to nearly Rs 17,000 crore, which were taken by various firms linked to Anil Ambani. Officials are now trying to trace where the money went and who all were involved in diverting it.Anil Ambani is expected to appear before the ED on August 5 for further questioning.The agency is still gathering documents, financial records, and digital data as it pieces together the entire money trail.- EndsMust Watch
advertisement