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India Today
2 days ago
- Business
- India Today
Anil Ambani seeks 10 days from ED to provide documents in fraud cases: Sources
Reliance Group Chairman Anil Ambani, who appeared before the Enforcement Directorate (ED) on Tuesday in connection with a money laundering case, has sought 10 days from the probe agency to submit documents related to the alleged scam, sources told India Today 66-year-old industrialist was summoned to the ED headquarters in New Delhi, where his statement was recorded under the Prevention of Money Laundering Act (PMLA) under a money laundering probe linked to multiple fraud cases involving several of his group questioning, Anil Ambani told ED officials that it would take him at least seven to ten days to gather documents and facts related to the fraud case. Following his request, the financial probe agency may summon him again in another seven to ten days, sources added. 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 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 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 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 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 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 to sources, Biswal is accused of arranging fake bank guarantees worth Rs 68.2 crore on behalf of Reliance Anil Ambani has also had a Look Out Circular (LOC) against him issued by the ED to stop him from travelling abroad.- Ends
Mint
2 days ago
- Business
- Mint
Anil Ambani heads to Delhi ED headquarters for questioning in ₹17,000 crore loan fraud case: Watch video
Anil Ambani has reached the Delhi Enforcement Directorate (ED) office to appear for questioning in the alleged ₹ 17,000-crore loan fraud case. The agency had earlier summoned Anil Ambani for questioning as part of its ongoing probe into a money laundering case linked to an alleged bank loan fraud worth crores of rupees against his group companies. He had been directed to appear at the ED headquarters in Delhi today, August 5. Earlier on Friday, August 1, the federal probe agency had also notified a Look Out Circular (LOC) against the 66-year-old businessman in connection with the loan fraud case. The Look Out Circular will stop Anil Ambani from travelling abroad. After Anil Ambani deposes, the businessman will record his statement under the Prevention of Money Laundering Act (PMLA). According to news agencies, some executives of his group companies have also been summoned in connection with the case. The move comes almost a week after the ED launched a search operation at 35 premises, 50 companies and over 25 persons linked to a money laundering case against Reliance Anil Ambani Group (RAAGA) Companies. Also Read | Why has ED issued a Lookout Circular against Anil Ambani: All we know The raids, conducted on July 24, followed an ED investigation into money laundering by RAAGA companies, initiated after the CBI registered a First Information Report. The action pertains to alleged financial irregularities and collective loan 'diversion' pegged at more than ₹ 17,000 crore by multiple group companies of Anil Ambani, including Reliance Infrastructure (R Infra). According to the reports, the agency ound that R Infra had allegedly 'diverted' funds disguised as inter-corporate deposits (ICDs) to Reliance Group companies through a company named CLE. To avoid approvals and audits, R Infra allegedly did not disclose CLE as its 'related party'. Meanwhile, a Reliance Group spokesperson has said that allegation was a 10-year-old matter and the company had stated in its financial statements that its exposure was only around ₹ 6,500 crore.
India.com
2 days ago
- Business
- India.com
Rs 170000000000 loan fraud: Anil Ambani to appear before ED today in money laundering case
Rs 170000000000 crore loan fraud: Anil Ambani to appear before ED today in money laundering case Reliance Group Chairman Anil Ambani will reportedly appear before the Enforcement Directorate for questioning in a money laundering case linked to an alleged bank loan fraud worth crores of rupees against his group companies, official sources said on Friday. The federal probe agency, will record his statement under the Prevention of Money Laundering Act (PMLA) once he deposes, has also notified a Look Out Circular (LOC) against the 66-year-old businessman to stop him from travelling abroad, the sources said. What is the case? The summons come after the federal agency conducted searches at 35 premises of 50 companies and 25 people, including executives of his business group, last week. The searches, launched on July 24, went on for three days. Some executives of Ambani's group companies have been also been summoned over the next few days. The action pertains to alleged financial irregularities and collective loan 'diversion' pegged at more than Rs 17,000 crore by multiple group companies of Anil Ambani, including Reliance Infrastructure (R Infra). The agency found, on the basis of a Sebi report, that R Infra 'diverted' funds disguised as inter-corporate deposits (ICDs) to Reliance Group companies through a company named CLE. It is alleged that R Infra did not disclose CLE as its 'related party' to avoid approvals from shareholders and audit panels. What has Reliance responded? A Reliance Group spokesperson said in a statement that the allegation regarding alleged diversion of Rs 10,000 crore to an undisclosed party was a 10-year-old matter and the company had stated in its financial statements that its exposure was only around Rs 6,500 crore. Reliance Infrastructure had publicly disclosed this matter on February 9, 2025, nearly six months ago, the statement said. 'Through mandatory mediation proceedings conducted by a retired Supreme Court judge and the mediation award filed before the Hon'ble Bombay High Court, Reliance Infrastructure arrived at a settlement to recover its 100 per cent exposure of Rs 6,500 crore,' it said. The company added that Ambani was not on the board of R Infra since more than three years (March 2022). The ED is also looking at allegations of 'illegal' loan diversion of around Rs 3,000 crore, given by Yes Bank to the group companies of Ambani between 2017-2019. The ED, the sources said, has found that just before the loan was granted, Yes Bank promoters 'received' money in their concerns. The agency is investigating this nexus of 'bribe' and the loan. What is ED probing? The sources said the ED is also probing allegations of 'gross violations' in Yes Bank loan approvals to these companies, including charges such as back-dated credit approval memorandums and investments proposed without any due diligence/credit analysis in violation of the bank's credit policy. The loans are alleged to have been 'diverted' to many group companies and 'shell' (bogus) companies by the entities involved. The agency is also looking at some instances of loans given to entities with weak financials, a lack of proper documentation of loans and due diligence, borrowers having common addresses and common directors in their companies, etc., the sources said. The money laundering case stems from at least two CBI FIRs and reports shared by National Housing Bank, SEBI, National Financial Reporting Authority and Bank of Baroda with the ED, they had said. These reports, the sources said, indicate that there was a 'well-planned and thought after scheme' to divert or siphon off public money by cheating banks, shareholders, investors and other public institutions.
India Today
3 days ago
- Business
- India Today
Anil Ambani leaves for Delhi, to appear before ED in loan fraud case today
Reliance Group Chairman Anil Ambani on Tuesday left for New Delhi to appear before the Enforcement Directorate (ED) in connection with a money laundering probe linked to an alleged Rs 17,000-crore bank loan fraud involving several of his group 66-year-old industrialist has been summoned to the ED headquarters in the national capital, where his statement will be recorded under the Prevention of Money Laundering Act (PMLA).advertisementThe summons 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. According to officials, the probe centres on multiple companies under Anil Ambani's business empire — particularly Reliance Infrastructure (R Infra) — which are alleged to have diverted loans worth over Rs 17,000 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 part of its probe into the alleged loan fraud, the Enforcement Directorate has also written to 39 banks, seeking explanations on their due diligence lapses. The agency has questioned why these banks failed to flag the loans as suspicious or report them to authorities when the borrowing entities began defaulting on repayments."The silence of the banks even after loan defaults raises serious questions. These institutions had a legal duty to alert the authorities, which they failed to do,' a senior official told India Today probe agency, last week, made its first arrest in the ongoing investigation into alleged financial irregularities linked to Reliance Power. Partha Sarathi Biswal, managing director of Biswal Tradelink Pvt Ltd, was arrested on August 1 under the to sources, Biswal is accused of arranging fake bank guarantees worth Rs 68.2 crore on behalf of Reliance the ED has also notified a Look Out Circular (LOC) against Anil Ambani to stop him from travelling abroad.- EndsTune InMust Watch
The Hindu
5 days ago
- The Hindu
Key suspect in overseas job fraud arrested in Chennai
The Job Racket Wing of the Central Crime Branch (CCB) has arrested a 36-year-old man, who was wanted in an overseas job scam, when he was returning from Portugal, at Chennai airport. The suspect has been identified as Magham Vinay Vardhan, 36, of Nellore, Andhra Pradesh. He is suspected to be the mastermind behind a network that defrauded at least 193 job aspirants to the tune of ₹2 crore. Through 'Saif International', which is defunct now, Vinay and his associates promised jobs in Portugal, Italy, Germany, Poland, and the Cayman Islands without obtaining mandatory registration from the Protector of Emigrants under the Ministry of External Affairs. In 2023, a person named Padmanaban, 23, of Chengalpattu, lodged a complaint against Saifuddin, 51, for collecting ₹1.25 lakh in exchange for a promised meat cutter job in Poland. Saifuddin neither provided the job nor refunded the amount. He was arrested earlier this year, and investigations revealed Vinay as the key conspirator, the police said. Vinay had been absconding since 2023 and was detained by immigration officials based on a Look Out Circular (LOC) issued by the CCB. Meanwhile, the Job Racket Wing of CCB has arrested a couple for allegedly cheating several job aspirants after receiving ₹2 crore from them on the pretext of arranging government jobs, such as Deputy Tahsildars, Assistant Engineers, and other posts. The couple, namely E.M. Babu alias Hameed Hussain, 40, and Santhya, 36, were arrested by the police based on a complaint from S. Srinivasan, 33. He and his friends had paid money to the couple, but they failed to get the jobs as promised.
