New Delhi, August 5: Reliance Group Chairman Anil Ambani appeared before the Enforcement Directorate (ED) on Tuesday in connection with a money laundering probe involving alleged bank loan frauds worth over ₹17,000 crore by his group companies. Ambani, 66, arrived at the ED’s central Delhi office around 11 am, where his statement is being recorded under the Prevention of Money Laundering Act (PMLA).
The interrogation follows massive ED raids conducted on July 24 at 35 premises linked to 50 companies and 25 individuals, including executives from Ambani’s business group. The central agency is probing charges of financial irregularities, fund diversion, and loan frauds involving several of Ambani’s firms, most notably Reliance Infrastructure (R Infra).
One key allegation involves a loan of ₹3,000 crore allegedly “illegally” diverted after being sanctioned by Yes Bank between 2017 and 2019. The ED suspects a quid pro quo arrangement, wherein Yes Bank promoters allegedly received payments before extending these loans. Irregularities such as back-dated credit approvals, lack of due diligence, and shell company involvement are also under the scanner.
Sources claim that the investigation stems from CBI FIRs and reports shared by SEBI, National Housing Bank, National Financial Reporting Authority, and Bank of Baroda, all pointing to a “well-planned scheme” to siphon public funds and deceive banks, investors, and institutions.
Another serious charge involves R Infra allegedly disguising inter-corporate deposits (ICDs) through a firm named CLE, which was not declared as a “related party” — a move that circumvented shareholder and audit committee approvals.
In response, the Reliance Group denied wrongdoing, clarifying that the allegation regarding the ₹10,000 crore diversion was a decade old and that the actual exposure was around ₹6,500 crore. They noted that a settlement was already reached through court-backed mediation.
The ED is also probing other frauds, including a ₹1,050 crore loan fraud involving RCOM and Canara Bank, undisclosed foreign accounts, and potential quid pro quo deals involving ₹2,850 crore investments in AT-1 bonds by Reliance Mutual Fund.
Ambani has not served on the board of R Infra since March 2022, the group added. (Agencies)
