Days After Raid, ED Summons Anil Ambani In Rs 17,000 Crore Loan Fraud Case
The Enforcement Directorate (ED) has summoned Reliance Group’s chairman and managing director Anil Ambani in the Rs 17,000 crore loan fraud case. The businessman has been directed to appear before the probe agency on August 5 at its headquarters in the New Delhi, Economic Times reported, citing sources.
The summon is part of the ongoing investigation into the alleged loan fraud incident. Earlier, authorities had raided several offices linked to Anil Ambani’s companies and recovered several documents and computer peripherals.
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The raid was based on two complaints registered by the Central Bureau of Investigation (CBI) alleging significant financial misconduct involving a network of companies. As per reports, the officials conducted search at over 35 locations examining documents and records of more than 50 companies linked to the Reliance Anil Dhirubhai Ambani Group (RAAGA).
Reports suggested that the raid found existence of a well-orchestrated scheme aimed at misusing public money through manipulation of corporate structures, loan fraud, and bribery of senior bank personnel.
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The probe officials alleged that there was an illicit quid pro quo arrangement, whereby key promoters of Yes Bank received payments through privately held entities just ahead of loan approvals, pointing out instances where funds were routed through shell companies, and loans were sanctioned without proper financial due diligence.
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