Industrialist Anil Ambani on Tuesday joined the investigation of the Enforcement Directorate in the alleged loan fraud case of Rs 17,000 crore. The 66 -year -old businessman had to appear before investigators at the headquarters of the national capital at the national capital’s headquarters after the summons issued last week, asking him to join the investigation on August 5 (today).
Anil Ambani was directed to appear before the investigators regarding investigation related to possible violations under suspected financial irregularities and possible violations under the Prevention of Money Laundering Act (PMLA). The agency is investigating the role of various institutions and individuals associated with the case and Anil Ambani’s statement can play an important role in the investigation.
This is the first time ED is interrogating Anil Ambani, and the step has been raised about 12 days after the mass search operation initiated by the ED at 35 campuses, 50 companies and more than 25 people related to a money laundering case against Reliance Anil Ambani Group (RAAGA) companies. These raids were killed on 24 July. The action was taken after an FIR lodged by the Central Bureau of Investigation (CBI), after an inquiry launched by the RAAGA companies under the crime of money laundering.
According to officials, the investigation of ED is based on the information shared with the agency by other agencies and institutions like National Housing Bank, SEBI, National Financial Reporting Authority (NFRA) and Bank of Baroda. On 1 August, the ED also issued a lookout circular (LoC) against Anil Ambani regarding the case.
Officials said, “A preliminary investigation of the ED has revealed a well-planned and well-planned scheme to sending public money to banks, shareholders, investors and other public institutions. The crime of bribing bank officials including the promoter of Yes Banks Limited is also under investigation.”
Initial investigation has revealed that an illegal loan of about Rs 3,000 crore was diverted from Yes Bank (in the period from 2017 to 2019). The ED then said that it came to know that “just before the loan was given, the promoters of Yes Bank received money in their accounts.” The ED is investigating this alliance of bribery and loan.
“The ED has found raga companies a severe violation in loan sanctions by Yes Bank, such as the Credit Approval Memorandum (CAM) was the previous date, the proposal for investment was given without any appropriate hard work and credit analysis,” officials said.
Officials said that these loans were transferred to several group companies and fake companies in violation of debt conditions.
Officials had earlier said, “The ED has found some flaws, including giving loans to weakened financial conditions, not having proper documentation of loans, not having proper investigation, addresses and directors of the borrowers, etc. Give.”
It has also been informed that “the Securities and Exchange Board of India (SEBI) has also shared its findings in the case of RHEL with the ED.”
“The dramatic increase in corporate loans by RHFL, Rs 3,742.60 crore in the financial year 2017-18 to Rs 8,670.80 crore in the financial year 2018-19, is under the scope of ED.
According to officials, Reliance Communications Limited has also cheated more than Rs 14,000 crore loan.
“Bank of India (SBI) had classified Reliance Communications (RCom) and its promoter Anil Ambani as ‘fraud’ as per RBI guidelines. SBI reported this classification to RBI and is preparing to file a complaint with the Central Bureau of Investigation (CBI).”
It has also been reported that “Reliance Communications Limited has also cheated more than Rs 1,050 crore from Canara Bank.”
Officials said, “Unannounced foreign bank accounts and foreign assets are also being investigated. The investigation is likely to make more revelations.”
It has also been found that “Reliance Mutual Fund invested Rs 2,850 crore in AT-1 bond (permanent FD) of Yes Bank for suspected transactions.” Officials said, “These bonds were eventually put into a bottom account and money was withdrawn. It was the money of the public, ie mutual fund investors. The CBI is also investigating the matter.”
In addition, based on the information received from SEBI, the ED stated that it has come to know that Reliance Infra has transferred a large amount to the group companies of Raga, through an unknown parties company, C Company, through the company. To avoid proper approval from shareholders and audit committee, Reliance Infra did not reveal the C Company as its respective party.
“It was probably hidden to bypass the control and balance imposed on the transaction of the concerned party as per law,” officials said.
Officials said that it has been found that “R Infra has suffered a loss of Rs 5,480 crore and only Rs 4 crore has been received in cash.”
The remaining Rs 6,499 crore is mainly dealt with as assignments, transfer of assets and economic rights in some discoms. These discoms have not done any business for the past several years and they are not operational. Therefore, there is no possibility of recovery of this amount. “The loan diversion in this case is more than Rs 10,000 crore in this case.”
Reliance Infrastructure had earlier clarified reports related to the case more than 10 years old in a statement, which reportedly was reported to transfer an amount of Rs 10,000 crore to an unknown party, while the amount is only around Rs 6,500 crore as per the revelations made in the company’s financial statements.
The statement by Reliance Infrastructure said, “It is attracted to the attention that Reliance Infrastructure publicly disclosed the case on February 9, 2025, about six months ago.”
Reliance Infrastructure Limited had a net debt of Rs 6,500 crore, which was revealed in the last four years of financial statements. Reliance Infrastructure worked diligently to recover his dues in this case. Through the compulsory arbitration proceedings conducted by a retired judge of the Supreme Court and the interception award filed in the Honorable Bombay High Court, Reliance Infrastructure arrived on an agreement to recover its 100 percent loan of Rs 6,500 crore.
In addition, it states, “Anil D. Ambani has not been in the board of Reliance Infrastructure since more than three years, ie March 2022.”
