5 days ago
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
