The Enforcement Directorate (ED) has summoned industrialist Anil Ambani in a ₹3,000-crore loan fraud case. He has been directed to appear before ED officials at their Delhi headquarters on August 5. This follows searches at over 35 locations in Mumbai between July 24 and 27. The investigation is linked to companies under the Reliance Anil Dhirubhai Ambani Group (RADAG).
The case involves loans disbursed by Yes Bank to RADAG firms from 2017 to 2019. ED suspects illegal fund diversion and bribery of bank officials. Officials found violations, including backdated approvals and lack of due diligence. These actions allegedly breached the bank’s internal credit policies.
A spokesperson for Reliance Power clarified that the case relates to past transactions involving Reliance Communications (RCOM) and Reliance Home Finance Limited (RHFL). RCOM has been under insolvency for over six years. RHFL’s resolution has already been approved by the Supreme Court.
The statement also confirmed that Anil Ambani does not sit on the board of Reliance Power, and current investigations have no bearing on its business operations or stakeholders.
ED is also probing a ₹2,850 crore investment by Reliance Mutual Fund in Yes Bank’s AT1 bonds. These were later written off. Investigators suspect a quid pro quo arrangement that impacted public investors.
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The case draws from two CBI FIRs and inputs from SEBI, the National Housing Bank, NFRA, and Bank of Baroda.
In 2023, SEBI barred Anil Ambani and 24 others from the securities market for five years. It also imposed a collective penalty exceeding ₹625 crore, including ₹25 crore directly on Ambani for fund diversion at RHFL.
The ED probe continues.
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