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Time of India
3 hours ago
- Time of India
ED quizzes Anil Ambani for 8 hours in laundering case
NEW DELHI: Reliance Group chairman Anil Ambani was on Tuesday asked about his foreign assets and other transactions, both in India and overseas, during his more than eight hours of questioning at Enforcement Directorate headquarters here, in connection with a money laundering investigation against his group entities. Sources said Ambani's questioning is likely to continue and he may be called for another round in a few days. ED had conducted searches on at least 35 premises in Mumbai linked to the industrialist on July 24-27, covering at least 50 entities and 22 individuals, during which the agency had seized several documents and digital records. Today the Ambani's statement was recorded & during examination, various questions pertaining to loan transactions were put to him. Ambani has sought seven days to furnish the requisite details and supporting documents, sources said. The agency is probing alleged round-tripping of funds and related party transactions, some of them linked to Reliance Infrastructure, which had allegedly received funds from entities not disclosed earlier. The investigation also includes irregularities pointed out by Sebi and a forensic audit of Reliance Home Finance Ltd (RHFL), in particular "loans of more than Rs 12,000 crore" extended to various group entities. These companies had a common registered address, email ID/domain, address and directors. The Reliance Group has contested the amount of loans extended. A report released by Sebi had noted that as on Sept 30, 2021, Rs 6,931 crore had been declared as NPA/written off by RHFL out of loans extended to linked/associated entities of the Ambani group. A spokesperson for Reliance Anil Dhirubhai Ambani Group had, however, denied allegations of money laundering & said that "the account of RHFL has been fully resolved with change in management pursuant to the judgment of the SC in 2023... Allegations of other irregularities are sub judice and as a matter of fact, Sebi order has been challenged before SAT since 2024". The agency is also probing Ambani and his entities in a loan fraud of Rs 3,000 crore received from Yes Bank where he is alleged to have bribed the bank's former CEO Rana Kapoor for Rs 225 crore. Reliance Communication and its loan default of Rs 1,050 crore to Canara Bank is another investigation related to the group.
The Hindu
3 hours ago
- The Hindu
Nitin Gadkari to speak at The Hindu MIND today
Minister for Road Transport and Highways Nitin Gadkari will be the guest on Wednesday for The Hindu MIND, a conversation series featuring leading newsmakers. Popularly known as the 'Expressway Man of India', Mr. Gadkari is a strong advocate of biofuels and non-conventional energy sources to enhance India's energy security. His appearance comes amid the government's aggressive push for ethanol-blended petrol and electric vehicles. The Minister is expected to address issues such as the toll tax hikes on national highways, which have raised concerns among commuters. A firm believer in safer road travel, Mr. Gadkari has set an ambitious target to reduce road accidents by 50% by 2030. His Ministry recently rolled out the Bharat New Car Safety Assessment Programme to evaluate vehicle crash safety. Mr. Gadkari has also been a vocal critic of poor road engineering, substandard project reports, and negligent concessionaires, factors he says contribute significantly to India's road fatalities. The full interview will be available on
India Today
3 hours ago
- India Today
Trump's tariff threats: Are we heading for an all-out India-US tariff war? Experts debate
As US President Donald Trump issues a fresh warning of levying additional tariffs on India within the next 24 hours for purchasing oil from Russia, we raise these questions on the show: are we now heading for an all-out India-US tariff war? Should the Modi government now simply stare down Donald Trump and call him out? Are America's double standards being exposed or is Indian foreign policy finding itself on the back foot? Watch as experts debate on News Today.
