Meta, Google officials fail to depose before ED; called again on Jul 28
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Time of India
an hour ago
- Time of India
ED questions Anil Ambani in Rs 17,000-cr loan fraud probe
Live Events (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel New Delhi: The Enforcement Directorate (ED) on Tuesday questioned Reliance Group chairman Anil Ambani in connection with its money laundering probe into an alleged ₹17,000 crore bank loan fraud case Ambani reached the ED office at 11 am and the questioning lasted more than nine hours, according to people with knowledge of the matter. Ambani has sought seven days to furnish documents pertaining to the queries posed to him by the ED, they agency will summon the 66-year-old industrialist again after recording the statements of credit committee members, according to the ED will question Amitabh Jhunjhunwala, a former close aide of Ambani, on Wednesday. On Thursday, it will question another close aide, Sateesh Seth of Reliance was the first to report on August 1 that the ED had summoned Anil Ambani for questioning in connection with the alleged bank loan fraud was the first to report on Monday that the ED would summon officials of private and public sector banks which had given loans to Reliance Group for questioning. The agency will seek details from the bank officials on the action initiated by them, if any, against Anil Ambani's companies which failed to repay the loans, ET had reported."We want to ascertain what action did banks take against the companies which failed to repay the loans taken from them (banks). Did they complain to the police, seek registration of an FIR (first information report) against the companies or not?" a senior official had told ET on the condition of 20 private and public sector banks had given loans to Anil Ambani's entities over a period of time which eventually turned into non-performing assets. Three entities of Reliance Group - Reliance Home Finance Limited (RHFL), Reliance Commercial Finance Ltd. (RCFL) and Reliance Communications (RCom) - were given a total of about ₹17,000 crore by the to data available with the ED, RHFL has an outstanding loan of more than ₹5,901 crore, while the amount in the case of RCFL is about ₹8,226 crore and RCom owes nearly ₹4,105 YES Bank , the other banks which had given loans to Reliance Group include State Bank of India Bank of India and Punjab and Sind Bank A look out circular (LOC) has also been issued against Anil Ambani at the request of the ED. Minutes after issuing summons to Ambani last Thursday, the agency sent a request to issue an LOC against the ED last week carried out searches at multiple entities and individuals linked to Anil Ambani's Reliance Group over 35 locations in Mumbai, covering 50 companies and 25 individuals, under the Prevention of Money Laundering Act.
Mint
2 hours ago
- Mint
No proposal to stop ₹500 notes, ATMs to dispense more lower denominations: MoS Finance Pankaj Chaudhary
The government has no plans to discontinue the supply of ₹ 500 denomination banknotes and ATMs will continue to disburse ₹ 500 alongside ₹ 100 or ₹ 200 notes, Minister of State for Finance Pankaj Chaudhary informed Parliament on Tuesday. Additionally, the Reserve Bank of India (RBI) in a circular titled 'Dispensation of ₹ 100 and ₹ 200 denomination banknotes through ATMs' issued on April 28, 2025, directed banks and ATM operators to ensure their machines are regularly disbursing ₹ 100 and ₹ 200 notes. In a written response to the Rajya Sabha, the minister said that the RBI has directed the disbursal of more lower denomination notes to enhance public access to frequently used denominations of banknotes. He also mentioned the timeline set by the RBI for this initiative: By September 30, 2025, 75 per cent of all ATMs would dispense either ₹ 100 or ₹ 200 denomination banknotes from at least one cassette. 100 or 200 denomination banknotes from at least one cassette. By March 31, 2026, this number will increase by 90 per cent as all ATMs will continue to dispense either ₹ 100 or ₹ 200 denomination banknotes from at least one cassette. Replying to another question, Chaudhary said the Securities and Exchange Board of India (Sebi) has been actively pursuing around 76 cases during the period from April 2020 to March 2025. During the last financial year, Sebi received ₹ 949.43 crore from disgorgement, which refers to the act of legally binding a person or entity to surrender any illegal gains obtained through unethical practices in the securities market. "Fraud and cheating are punishable offences as per Indian laws. Several central government, enforcement, and regulatory agencies have been taking action to prevent, detect, and act against investment related frauds," he said. Other government agencies are also involved in combating financial crimes, including: The Central Board of Direct Taxes (CBDT) has identified nine cases of multi-level marketing (MLM) scams in the last five years. The Directorate of Enforcement (ED) has investigated around 220 cases of money-laundering , related to investment frauds under PMLA between January 2020 and July 2025. Crypto assets are currently not regulated in India, he said, adding that the RBI-SACHET portal receives multiple complaints about unauthorized deposit taking activities from unregistered entities. He also mentioned some figures around the number of complaints received so far. From April 1, 2020 to March 31, 2025, the portal received around 3,454 complaints related to the "non-repayment of money collected from various kinds of investment schemes.' Another 1,531 complaints were received related to collection of money through MLM, direct selling, and Ponzi schemes, he said.
Mint
2 hours ago
- Mint
Anil Ambani leaves ED office after 9 hours of questioning in ₹17,000 crore PMLA case — Watch
New Delhi: Industrialist Anil Ambani on Tuesday appeared before the Directorate of Enforcement (ED) in connection with an alleged fund diversion case, two people aware of the development said. The agency, which probes money laundering and violations of foreign exchange laws, is investigating an alleged diversion of funds from Reliance Infrastructure to a related party without adequate disclosures. The company had last week said this exposure was of ₹ 6,500 crore and that it had disclosed this matter in February itself. Reliance Infrastructure maintains it has diligently pursued recovery of its dues in this matter, and through mandatory mediation proceedings conducted by a retired Supreme Court Judge and the mediation award filed before the Bombay High Court, the company had arrived at a settlement to recover its exposure of ₹ 6,500 crore. Anil Ambani has not been on the board of Reliance Infrastructure since March 2022. Queries emailed to Anil Ambani's Reliance Group and to the finance ministry on Tuesday, seeking their comments on the latest development remained unanswered at the time of publishing this report. News agency ANI reported that Ambani was asked to appear before investigators in connection with a probe on suspected financial irregularities and possible violations under the Prevention of Money Laundering Act. The probe agency is looking into the role of various entities and individuals linked to the case, ANI reported. In May 2020, the ministry of corporate affairs had referred the issue of Price Waterhouse & Co Chartered Accountants LLP's (PW) resignation as auditors of some of the group companies without giving an audit report for FY19, to the National Financial Reporting Authority (NFRA). NFRA had looked into the audits done by the auditors appointed subsequently in the case of Reliance Home Finance Ltd, Reliance Commercial Finance Ltd and Reliance Capital Ltd, and penalised the auditors for alleged professional misconduct, the authority's orders showed. Reliance Infrastructure provides engineering and construction services for power, roads, metro rail and other infrastructure sectors. It is also engaged in implementation, operation and maintenance of several projects in the defence sector and infrastructure areas through its special purpose vehicles, the company said on its website. It had executed the Mumbai Metro line one project and is also a utility company having presence across the value chain of energy businesses, the company said. The ED had earlier issued a lookout circular against Ambani and had sought his presence for recording his statement under the PMLA, Hindustan Times had reported on 1 August.
