Mumbai : The Enforcement Directorate has tightened its stance in its probe involving industrialist Anil Ambani. Earlier, the government had ordered a fresh investigation into several companies linked to the Anil Ambani–led Reliance Anil Dhirubhai Ambani Group (ADAG). This time, the probe has been handed to the Serious Fraud Investigation Office (SFIO), the specialised wing of the Ministry of Corporate Affairs (MCA).
The SFIO has stepped in after earlier enquiries by the ED, the CBI and market regulator Sebi. The new focus is on whether there were any gaps in corporate governance and whether funds were diverted across group companies. The MCA received several alerts from auditors and financial institutions. These alerts pointed to possible irregularities in the financial statements of some ADAG firms. Forensic audits ordered by banks, especially after the loan defaults at Reliance Capital and Reliance Communications, also raised red flags.
At least four entities are currently being closely examined—Reliance Infrastructure, Reliance Communications, Reliance Commercial Finance Ltd (RCFL) and CLE Pvt Ltd. More group companies may be added if links to fund movements are uncovered. Meanwhile, the ED had attached over 132 acres of land belonging to Dhirubhai Ambani Knowledge City (DAKC) in Navi Mumbai worth Rs 4,462.81 crore earlier this month. This action was part of the bank fraud case involving Anil Ambani’s Reliance Communications Ltd (RCom).
The ED stated that the cumulative attachment of properties in the group now stands at over Rs 7,500 crore. According to the ED, RCom and its group firms availed loans worth Rs 40,185 crore from domestic and foreign lenders between 2010 and 2012. Five banks have declared the loan accounts fraudulent. The probe revealed large-scale diversion of funds.
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