ED Inquires Anil Ambani For Nine Hours In A 17,000-Cr Loan Fraud Case

The Enforcement Directorate on Tuesday grilled industrialist Anil Ambani for more than nine hours in an alleged Rs 17,000-crore loan fraud case. During his inquiry, he requested seven days to furnish the necessary details and supporting documents sought by the probe agency in the case.

The probe agency is investigating a case against Anil Ambani, about the suspected financial irregularities and possible violations under the Prevention of Money Laundering Act (PMLA).

Anil Ambani Assured Full Cooperation With Authorities: ED

ED Officials indicated that Anil Ambani assured full cooperation with the authorities and intended to provide all relevant information within the stipulated time.

The 66-year-old businessman deposed before the investors at the agency’s headquarters here in the national capital around 11 am, following a summons issued to him last week asking him to join the investigation on August 5. He was questioned till 8 pm.

The agency is examining the role of various entities and individuals linked to the case, and Ambani’s statement is expected to play a crucial role in the investigation.

It was the first time that the ED questioned Anil Ambani. The action was taken almost 12 days after the agency launched a massive search operation at 35 premises, 50 companies and over 25 persons linked to a money laundering case against Reliance Anil Ambani Group (RAAGA) companies.

As per the officials, ED’s investigation is based on information shared with the agency by other agencies and institutions such as the National Housing Bank, SEBI, National Financial Reporting Authority (NFRA), and Bank of Baroda.

Earlier, ED had issued a Look Out Circular (LOC) against Anil Ambani in connection with the case.

SEBI Has Also Shared Its Findings With ED 

It is also informed that “Securities and Exchange Board of India (SEBI) is also learnt to have shared its findings with ED in the case of RHFL.”

“A dramatic increase in corporate loans by RHFL, from Rs 3,742.60 crore in Financial Year 2017-18 to Rs 8,670.80 crore in Financial Year 2018-19, is also under ED lens. Issues of irregular and expedited approvals, process deviations, and many other illegalities have been found,” added the officials.

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