Anil Ambani Group on ED radar
Two group companies, Reliance Power and Reliance Infrastructure, said in separate but identical regulatory filings that the ED action has had 'absolutely no impact' on their business operations, financial performance, shareholders, employees, or any other stakeholders.
'The media reports appear to pertain to allegations concerning transactions of Reliance Communications Limited (RCOM) or Reliance Home Finance Limited (RHFL) which are over 10 years old,' the companies said. The ED, the sources said, has found that just before the loan was granted, Yes Bank promoters 'received' money in their concerns.The federal probe agency is investigating this nexus of 'bribe' and the loan. Sources said the ED is also probing allegations of 'gross violations' in Yes Bank loan approvals to Anil Ambani Group companies, including charges like back-dated credit approval memorandums (CAMs), investments proposed without any due diligence/credit analysis in violation of banks credit policy, the sources said.
The loans are alleged to have been 'diverted' to many group companies and shell companies by the entities involved.
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Time of India
39 minutes ago
- Time of India
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Time of India
an hour ago
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Time of India
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- Time of India
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