Anil Ambani summoned by ED for questioning in Rs 170000000000 loan fraud case

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Anil Ambani summoned by ED for questioning in Rs 170000000000 loan fraud case
The Enforcement Directorate (ED) has summoned Anil Ambani, the Chairman and MD of the Reliance Group, for questioning in connection with an ongoing investigation into an alleged Rs. 17,000 crore bank loan fraud case. According to reports, Anil Ambani has been asked to appear at the ED headquarters in New Delhi on August 5. Earlier, the ED had conducted searches at various businesses linked to him.
Last week, under the Prevention of Money Laundering Act (PMLA), the ED raided 50 business entities and 25 individuals connected to the Reliance Group. At least 35 locations in Mumbai were searched on July 24.
These raids were part of a wider investigation not only into the alleged loan fraud but also into several other financial irregularities involving crores of rupees. Yes Bank loan under the scanner
The ED started its investigation after the CBI filed two FIRs in the case.
According to ED, the main focus of the investigation is a set of loans worth Rs. 3,000 crore given by Yes Bank to companies owned by Anil Ambani between 2017 and 2019.
Officials believe that just before these loans were approved, Yes Bank's promoters received money from those same companies, which raises serious concerns about bribery and loan misuse.
The ED is now examining whether there was a quid pro quo arrangement, a give-and-take involving kickbacks in exchange for loans. Details of Anil Ambani loan fraud case
During the investigation, the Enforcement Directorate (ED) found several serious irregularities. These include: Loans given to companies with weak or unverified financial backgrounds
Multiple loan-taking companies using the same director and same address
Missing important documents in loan files
Loans approved under the names of shell companies
New loans issued just to repay old ones, instead of funding actual business activities What did Reliance Group say on the alleged loan fraud case?
On July 26, Reliance Power and Reliance Infrastructure, both part of Anil Ambani's Reliance Group, informed the stock exchange that they acknowledge the ED's actions. However, they said that these raids have no impact on their business operations, financial performance, shareholders, staff, or any other stakeholders. Regulators shared findings with ED
Several key regulatory and financial agencies have shared their findings with the ED. These include: National Housing Bank (NHB)
Securities and Exchange Board of India (SEBI)
National Financial Reporting Authority (NFRA)
Bank of Baroda
SEBI submitted a detailed report highlighting major violations at Reliance Home Finance Limited (RHFL), a company under Anil Ambani's group.
According to the report, the company's corporate loan portfolio almost doubled in just one year—from Rs. 3,742 crore in 2017-18 to Rs. 8,670 crore in 2018-19.