ED Summons Anil Ambani Again: Billionaire Faces November 14 Questioning in Loan Fraud Case
Hold onto your seats! Anil Ambani, The industrialist, is once again in the limelight of the Enforcement Directorate (ED).
On November 14, the agency has called him in to be questioned in relation to its current money laundering investigation into his group companies’ alleged loan frauds.
This case hold history, it is not the first time that Ambani waltzes with the ED, as he was grilled for a full eight hours in the same case only three months ago. The billionaire will now be appearing in the presence of the investigating officer at the ED headquarters in Delhi.
Shareholders, all industry observers, and gossip lovers too are riveted to the television, will this interrogation startle new wrists, or is it once again déjà vu Ambani? In any case, speculation is abuzz on Dalal Street and social media, which once again proves that there is no dead air in the Ambani household!
Alleged Fraudulent Diversion of Public Funds Here Is What The ED Said
According to ED, the investigation has revealed “fraudulent diversion of public money” by various ADAG entities, including Reliance Communications Ltd (RCOM), Reliance Home Finance Ltd (RHFL), Reliance Commercial Finance Ltd (RCFL), Reliance Infrastructure Ltd (R-Infra) and Reliance Power Ltd.
“ED has detected a pattern of malafide conduct, including pre-decided beneficiaries, fabricated paperwork, waived controls, and disbursals made ahead of approvals. This conduct enabled the siphoning of public funds through a web of related entities,” an agency spokesperson said.
The agency said an analysis of loan records of RHFL and RCFL showed that money was disbursed before formal sanction, an “impossible” sequence under prudent lending norms.
The spokesperson added that this indicated “back-dating and pre-decided payouts”.
ED further stated that RHFL and RCFL had borrowed from over 35 banks and financial institutions, with large portions of these loans either unpaid or diverted through onward lending to group companies and shell entities allegedly controlled by the Reliance ADAG.
“Public funds moved under the cover of corporate loans and inter-corporate deposits, passing from one company to another,” the statement said.
Anil Ambani and his team have not yet issued a response to the recent ED action.
Recent ED Actions And Asset Attachments In Anil Ambani’s Case
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ED summoned Anil Ambani just two days after attaching assets worth over ₹7,500 crore.
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Four provisional attachment orders issued under PMLA.
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Attached assets include Ambani’s Mumbai residence (Pali Hill) and residential/commercial properties across Delhi, Noida, Ghaziabad, Mumbai, Pune, Thane, Hyderabad, Chennai, and East Godavari.
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Total value of seized assets: ₹3,084 crore (PTI report).
Read More: Anil Ambani In Trouble Again? ED Attaches ₹3,000 Crore Worth Of Assets- Is The ‘Other Ambani’ Finally Running Out Of Luck?
Case Linked To Diversion Of Public Funds By Firm Of Anil Ambani
- Investigation involves alleged diversion and laundering of funds by RHFL and RCFL.
- Yes Bank invested ₹2,965 crore in RHFL and ₹2,045 crore in RCFL between 2017–2019.
- By December 2019, loans turned non-performing (₹1,353.50 crore RHFL, ₹1,984 crore RCFL).
- Funds allegedly diverted to related entities instead of intended business purposes.
- Part of a broader probe into financial irregularities and loan diversions exceeding ₹17,000 crore across Reliance Group companies.
- Ambani was previously questioned in August after raids on 35 premises linked to 50 companies and 25 individuals.
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