ED Summons Anil Ambani for Questioning on November 14
The Enforcement Directorate (ED) has summoned industrialist Anil Ambani to appear for questioning on November 14 regarding its ongoing money laundering probe linked to alleged loan fraud involving his group companies.
Details of the Investigation
The summons directs Ambani to meet the investigating officer at the ED’s Delhi headquarters. This follows his previous interrogation by the agency nearly three months ago, where he was questioned for eight hours in the same case.
Provisional Attachment of Properties
ED has provisionally attached more than 42 properties associated with Anil Ambani and his firms. These assets are valued at over Rs 3,083 crore and relate to the probe into entities of the Reliance Anil Dhirubhai Ambani Group (ADAG).
Allegations of Fraudulent Diversion of Funds
According to the Enforcement Directorate, the investigation uncovered a "fraudulent diversion of public money" by multiple ADAG companies, including Reliance Communications Ltd (RCOM), Reliance Home Finance Ltd (RHFL), Reliance Commercial Finance Ltd (RCFL), Reliance Infrastructure Ltd (R-Infra), and Reliance Power Ltd.
The agency also noted that prior to Yes Bank’s investments in ADAG companies, substantial funds had been transferred from Reliance Nippon Mutual Fund. Under SEBI rules, this fund was restricted from directly investing or transferring money to Ambani group finance firms due to conflict-of-interest policies.
ED’s continued focus on Anil Ambani’s group underscores the seriousness of the loan fraud and money laundering allegations connected to ADAG.
"The investigation has revealed fraudulent diversion of public money by various ADAG entities."
Author’s summary: The ED has intensified its probe into Anil Ambani’s group following significant property attachments and allegations of loan fraud, summoning him again for questioning.