Anil Ambani seeks 10 days from ED to provide documents in fraud cases: Sources
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 trying to trace the money trail and who were all involved in diverting it.Sources also said that during questioning, Anil Ambani sought to deny any involvement in the case, maintaining that all the financial decisions were taken by the internal board of his companies, and that he later signed them only.Probe agencies, including the ED and the Central Bureau of Investigation (CBI), and other financial regulators, have unearthed what officials are calling a "well-planned and thought-after conspiracy" to siphon off public money, launder thousands of crores, and manipulate the banking system through a network of shell firms, backdated approvals, fake bank guarantees, and offshore assets.The summons to Anil Ambani followed a massive crackdown by the ED last month, during which the central agency searched 35 premises linked to nearly 50 companies and 25 people, including top executives from the Reliance Group. The three-day operation began on July 24 and focused on suspected financial irregularities and large-scale diversion of bank loans.Citing a Sebi report, ED has alleged that Reliance Infrastructure diverted funds to other Reliance Group entities under the guise of inter-corporate deposits (ICDs).The transactions were routed through a company called CLE, which, investigators claimed, was not disclosed as a "related party" by R Infra—reportedly in an attempt to bypass mandatory approvals from shareholders and audit committees.The probe agency, last week, made its first arrest in the ongoing investigation into the case. Partha Sarathi Biswal, managing director of Biswal Tradelink Pvt Ltd, was arrested on August 1 under the PMLA.According to sources, Biswal is accused of arranging fake bank guarantees worth Rs 68.2 crore on behalf of Reliance Power.Meanwhile, Anil Ambani has also had a Look Out Circular (LOC) against him issued by the ED to stop him from travelling abroad.- Ends
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