Anil Ambani Faces ED Scrutiny in Multi-Crore Loan Fraud Case

The Enforcement Directorate (ED) has called upon industrialist Anil Ambani for questioning in a money laundering investigation tied to an alleged loan fraud case involving substantial sums, according to sources familiar with the matter. The agency has directed Ambani to appear at its Delhi headquarters on August 5 to address queries related to loans extended to two companies under his Reliance Anil Dhirubhai Ambani Group Reliance Home Finance Limited (RHFL) and Reliance Commercial Finance Ltd (RCFL) and the suspected diversion of those funds.

Last week, the ED conducted extensive raids across 50 companies and 25 individuals, including senior executives of Ambani’s group, as part of its probe. The investigation focuses on two loans issued by Yes Bank to RHFL and RCFL, with the Central Bureau of Investigation (CBI) naming former Yes Bank chairman Rana Kapoor as an accused in both cases. An ED official, speaking last week, revealed that initial findings point to a deliberate scheme designed to siphon off public funds by defrauding banks, shareholders, investors, and other financial institutions.

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The Reliance Group has responded, noting that the State Bank of India (SBI) classified Reliance Communications Limited (RCOM), another group entity, as a fraudulent account without granting Ambani a personal hearing, a decision they argue was inconsistent with SBI’s withdrawal of similar allegations against other individuals. The group further stated that the three-day ED raids, concluding on July 27, had no impact on the operations of Reliance Infrastructure and Reliance Power, as reported in their stock exchange filings.