ED Summons Anil Ambani For Questioning In Loan Fraud Case On August 5

The ED summoned Anil Ambani for questioning on August 5th regarding a money laundering investigation linked to a Rs 10,000 crore loan fraud involving Reliance Group companies.

ED Summons Anil Ambani For Questioning In Loan Fraud Case On August 5

Source : PTI

The Enforcement Directorate (ED) has summoned Reliance Group Chairman Anil Ambani to appear for questioning on 5 August in connection with a money laundering investigation tied to an alleged Rs 10,000-crore loan fraud involving his group companies, according to official sources.

Ambani, 66, has been asked to appear at the agency’s Delhi headquarters, where his statement will be recorded under the Prevention of Money Laundering Act (PMLA), reported PTI quoting official sources. The move follows a series of high-profile searches conducted by the ED last week at offices linked to Ambani’s business empire.

The probe centres on accusations of financial irregularities and large-scale diversion of loans disbursed to various Reliance Group firms. The federal agency launched extensive raids on 24 July, which continued for three consecutive days, targeting over 35 locations in Mumbai.

According to the report, these searches spanned premises connected to more than 50 companies and 25 individuals, including several executives associated with Anil Ambani’s corporate network.

At the heart of the case are allegations surrounding illegal diversion of loans, particularly around Rs 3,000 crore disbursed by Yes Bank to Ambani’s companies between 2017 and 2019. Investigators are also scrutinising what they describe as a “nexus” involving bribes and irregular loan approvals, where promoters of Yes Bank allegedly received funds through their own entities just before loans were sanctioned.

The ED is now examining whether these transactions involved forged or backdated documents, including questionable credit approval memos. Officials allege that some investments were pushed through without basic due diligence or adherence to the bank’s internal credit policies, raising concerns about systemic violations.

Two of the group’s listed entities, Reliance Power and Reliance Infrastructure, issued statements acknowledging the ED’s actions but insisted that the ongoing probe has had “absolutely no impact” on their operations, financial health, or stakeholders. The companies also sought to distance themselves from the allegations, pointing out that media reports appear to concern past dealings of Reliance Communications (RCOM) and Reliance Home Finance Limited (RHFL), dating back over a decade.

As the case unfolds, questions are mounting over the role of shell companies allegedly used to route diverted funds, and the broader implications for corporate governance and banking transparency in India.