The stars of Reliance Group Chairman Anil Ambani have been in the news for some time and now the Enforcement Directorate (ED) is also tightening them. The ED raid against Anil Ambani’s companies in Mumbai continued for the third day on Saturday. The agency has seized a large number of documents and computer equipment from several places. Official sources gave this information. On July 24, the federal investigative agency allegedly started raids in the money laundering case related to bank loan fraud worth Rs 3,000 crore. Apart from this, there are many other allegations of financial irregularities worth crores of rupees by some companies. Sources said the raids under the Prevention of Money Laundering Act (PMLA) started on Thursday and on Saturday also continued at some of the 35 complexes in Mumbai.
Raid in loan case of Rs 3000 crore
He said that these campuses belong to 50 companies and 25 people, including several officials of Anil Ambani Group companies. ED sources said that the raids are being carried out on allegations of loans of about Rs 3,000 crore taken from Yes Bank between 2017 and 2019.
ED action has no effect: Reliance
Two group companies, Reliance Power and Reliance Infrastructure on Thursday, said in a separate notice to the stock market that ED’s action had no effect on their commercial operations, financial performance, shareholders, employees or any other stake. Companies said, “Media information appears to be related to allegations related to transactions more than 10 years old of Reliance Communications Limited (RCom) or Reliance Home Finance Limited (RHFL).”
Signs of bribery
Sources said the investigation showed that just before the loan was given, Yes Bank promoters “received” the funds in their institutions, indicating the transaction of “bribe”. The agency is investigating “bribe” and a case related to loans.
Sources said that the federal agency Yes Bank is investigating allegations of “gross irregularities” in loans approved by Reliance Ambani Group companies, such as putting back dates in loan documents, offering investment without proper investigation or credit analysis, which is a clear violation of the bank’s debt policy. Sources said that these loans were allegedly misused by many companies of the group and institutions associated with mask companies.
Sources said that the agency is also investigating cases of loans given to institutions with weak financial conditions, appropriate documentation and lack of proper investigation of loans, matters with the same address and the same directors in their companies etc.
