Our Bureau
Mumbai
Anil Ambani’s troubles have magnified ten fold as the Enforcement Directorate (ED) has summoned the Chairman of the Reliance Group this Tuesday on August 5th. Anil Ambani has been summoned for questioning on the alleged Rs 3,000 crore worth bank loan fraud-linked money laundering case filed against them.
Just a week prior to this on July 24th, the probe agency had carried out several searches on companies and properties linked to Ambani. These raids were conducted on the back of multiple allegations pertaining to bank loan fraud-linked money laundering cases as well as multiple other allegations of financial irregularities with crores of rupees by certain companies.
As per the reports through these raids the ED recovered numerous different documents and peripherals from multiple locations. The premises that were searched belonged to 50 companies and 25 people that even included a number of executives of the Anil Ambani Group companies. These executives were also questioned by the police for the same alleged charges.
These searches by the Enforcement Directorate stated that the investigation on the Chairman of the Reliance Group is because of the allegations of illegal loan diversion of around Rs 3,000 crore provided by Yes Bank to the group companies of Ambani between 2017-2019. The agency is investigating the links of “bribe” and the loan.
Through the investigation, ED found several points of concern that included the loans that were issued to companies with very low and unverified financial sources, usage of common address and directors for various different entities. The probe agency also found some important documentation in sanction files and several instances of loan evergreening in which fresh loans were given to repay existing ones.
