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Bank Loan Fraud Case: The Enforcement Directorate has issued summons to Anil Ambani, managing director and chairman of Reliance Group in a bank loan fraud case of Rs 17,000 crore. According to the Economic Times report, the ED has asked him to appear for questioning at the headquarters in Delhi on 5 August.
Last week, the ED raided about 35 locations associated with Reliance Group from Delhi to Mumbai under the Prevention of Money Laundering Act (PMLA). Many documents, financial transactions, digital records and other evidence were seized during these raids.
What is the claim of the investigating agency?
Earlier, the Securities and Exchange Board of India (SEBI) had allegedly submitted its investigation report to ED and two other central investigative agencies regarding fund diversion of Rs 10,000 crore. It is alleged that the loan amount was allegedly diverted to other companies and its use was out of the prescribed objectives, which comes under the purview of money laundering.
The Central Investigation Agency alleges that many companies of Reliance Group from Yes Bank took large loans without any adequate guarantee and those money was spent in other works through shell companies. The first two FIRs were registered by the CBI in this case, after which the ED started the investigation.
Reliance Power’s argument:
Following the allegations of bank loan fraud, Reliance Power and Reliance Infrastructure said in their clarification that they have no commercial or financial relations with Reliance Communications (RCom) or RHFL. At the same time, he also clarified that Anil Ambani is not included in the board of these companies. Significantly, SBI has declared Anil Ambani and RCom as fraud.
