Lagatar24 Desk
New Delhi: Reliance Group Chairman and MD Anil Ambani appeared at the Enforcement Directorate (ED) headquarters in Delhi today following a summons issued on August 1 in connection with a ₹17,000 crore loan fraud case. ED officials began questioning him regarding the alleged financial irregularities.
ED Raided 35 Locations Linked to Reliance Entities
Earlier on July 24, the ED had conducted extensive raids across more than 35 locations in Mumbai and Delhi, targeting around 50 business entities and 25 individuals. These raids spanned several days and focused on companies and persons associated with the Reliance Group. Following the findings, ED summoned Anil Ambani for interrogation.
Reliance Firms Respond to Stock Exchange
Reliance Power and Reliance Infrastructure informed the stock exchange on July 26 that they are cooperating fully with the ED’s investigation. They also clarified that the agency’s actions had no adverse impact on their business operations, financial performance, shareholders, or employees.
CBI FIRs Prompted ED’s Money Laundering Probe
The investigation intensified after the CBI filed two FIRs alleging fraud, embezzlement, and wrongful loan acquisition from banks. The ED’s probe focuses on loans granted by Yes Bank to Anil Ambani’s firms between 2017 and 2019, where serious financial irregularities were discovered. Initial findings indicate a well-organized scheme to mislead banks, investors, and government agencies.
Shocking Findings: Backdated Documents and Shell Transfers
The ED uncovered that Yes Bank approved loans to the Reliance Anil Dhirubhai Ambani Group (RAAGA) without proper evaluation. Evidence revealed that funds were transferred to private entities even before loan approvals, suggesting prior arrangements. Critical documents like Credit Approval Memorandums (CAMs) were allegedly backdated, and several loans bypassed proper credit analysis or due diligence. Funds were also routed to shell companies with weak balance sheets and overlapping directors and addresses.
SEBI Flags Massive Irregularities in RHFL Lending
SEBI shared significant findings with ED concerning Reliance Home Finance Limited (RHFL). In FY 2017–18, RHFL disbursed ₹3,742.60 crore in corporate loans, which surged to ₹8,670.80 crore in 2018–19, raising further red flags on potential misuse and fund diversion.