Our Bureau
Mumbai
Anil Ambani has found itself in trouble over alleged money laundering accusations. This Thursday on July 24th, the Enforcement Directorate (ED) had searched the properties that are linked to Anil Ambani in Delhi as well as Mumbai.
As per the people who are familiar with the whole matter, ED has searched Anil Ambani-linked properties because of the alleged money laundering accusation against the Businessman. The directorate has carried out search operations at more than 35 premises that are connected to the Reliance Home Finance Ltd. These 35 premises covered around 50 companies and 25 individuals in total and it was concluded that the searches were conducted under Section 17 of the Prevention of Money Laundering Act.
According to the reports, these actions against them are linked to the ongoing investigation on them. These probes are related to the suspected diversion of loans sanctioned between 2017 and 2019. ED is trying to find out whether these funds were routed through shell companies and promoter-linked entities which is a direct violation of the lending terms.
The authorities are trying to deduce whether the company paid any bribes to the bank officials such as the founder of Yes Bank. They are also trying to find out if the money was delivered to the promoters even before their loans were granted and are trying to figure out the reason behind the significant rise in corporate loan disbursals by RHFL between April 2017 and March 2019.
It is being suspected that the funds from Yes Bank were allegedly diverted further into groups and shell firms. The Security and Exchange Board of India (SEBI), the market regulator, has also shared its findings with ED in connection with the Reliance Home Finance case.
