New Delhi [India], August 5 (ANI): Industrialist Anil Ambani arrived in Delhi on Tuesday after being summoned by the Enforcement Directorate for questioning in connection with an alleged Rs 17,000-crore loan fraud case. He has been directed to appear at the ED headquarters in the national capital today.
Earlier on August 1, the Enforcement Directorate (ED) issued a Look Out Circular (LOC) against Anil Ambani in connection with an ongoing investigation into an alleged Rs 17,000-crore loan fraud case, sources said.
LOC is issued to prevent a person from leaving the country while the probe is underway. The ED has not released an official statement on the matter yet.
The probe pertains to suspected financial irregularities and possible violations under the Prevention of Money Laundering Act (PMLA).
The agency is examining the role of various entities and individuals linked to the case, and Ambani’s statement is expected to play a crucial role in the investigation.
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. The raids were carried out on July 24. The action followed an investigation launched by the ED under the offence of money laundering by RAAGA companies subsequent to recording of a First Information Report by the Central Bureau of Investigation.
As per the officials, ED’s investigations are based on information shared with the agency by other agencies and institutions such as the National Housing Bank, SEBI, National Financial Reporting Authority (NFRA), and Bank of Baroda.
“Preliminary investigation by ED has revealed a well-planned and thought-out scheme to divert and siphon off public money by cheating banks, shareholders, investors and other public institutions. The offence of bribing bank officials including promoter of Yes Bank Limited is also under scanner,” Officials, privy to the development, told ANI.
Preliminary investigation reveals illegal loan diversion of around Rs 3,000 crores from Yes Bank (period 2017 to 2019).
Reliance Power and Reliance Infrastructure had said last week that the ED probe allegedly linked to a money laundering case against Reliance Anil Ambani Group (RAAGA) Companies “have absolutely no impact on the business operations, financial performance, shareholders, employees, or any other stakeholders” of the two companies. (ANI)
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