In a major development, the Enforcement Directorate (ED) on Friday issued a lookout circular against Reliance Group Chairman and Managing Director Anil Ambani in connection with a suspected ₹3,000 crore loan fraud and money laundering case. The move prevents Ambani from travelling outside India without prior court permission.
The action follows ongoing investigations into alleged financial irregularities involving Ambani’s business entities and their dealings with Yes Bank between 2017 and 2019.
A preliminary ED probe suggests that companies associated with Ambani were involved in a scheme to divert public funds and mislead financial institutions through improper loan transactions.
ED Investigates Promoter Links, Loan Irregularities and Quid-Pro-Quo Deals
According to officials, just before certain loan disbursements were made, funds were routed to entities linked with the promoters of Yes Bank, raising suspicions of bribery and quid-pro-quo arrangements between the bank and borrower firms.
The ED is now probing the alleged nexus between Yes Bank’s promoters and Anil Ambani-linked companies.
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Investigators have reportedly found several violations in Yes Bank’s loan approval process. These include back-dated Credit Approval Memorandums (CAMs), investment decisions made without proper due diligence or credit analysis, and actions in violation of the bank’s own credit policies.
Summons in Rs 17,000 crore loan fraud
The ED has summoned the Reliance Group chairman and managing director for questioning in an alleged ₹17,000 crore loan fraud case. Ambani has been asked to appear at the ED headquarters in New Delhi on August 5. The probe is being conducted under the Prevention of Money Laundering Act (PMLA).
The development comes as the ED intensifies its investigation, having recently searched around 35 locations in Mumbai linked to the Reliance Group. The probe has expanded to Odisha and West Bengal, where fresh raids are underway in connection with a fake bank guarantee racket.
