The Enforcement Directorate (ED) has summoned Reliance Group Chairman Anil Ambani for questioning on August 5 in connection with a money laundering case linked to an alleged ₹3,000 crore bank loan fraud, according to an NDTV report on Friday. This action comes shortly after the ED carried out extensive search operations on July 24 at various locations connected to companies run by Ambani.
Raids Targeted Multiple Firms and Executives
The ED conducted searches under the Prevention of Money Laundering Act (PMLA) over a span of three days. The crackdown covered 50 companies and 25 individuals, including several top executives from the Anil Ambani-led group.
The central agency is probing how loans issued by Yes Bank between 2017 and 2019 to firms under Ambani’s Reliance Group may have been misused. Investigators suspect that a portion of the funds could have been illegally diverted or misappropriated.
Possible Quid Pro Quo Under Scanner
Officials are also looking into whether there was a quid pro quo arrangement, meaning Yes Bank’s promoters might have received financial benefits or kickbacks shortly before the loans were granted to Ambani’s companies. The ED is assessing whether this financial exchange influenced the approval process of these loans.
Reliance Companies Respond to ED Action
Following the searches, both Reliance Power and Reliance Infrastructure released statements on July 26 to the stock exchanges, clarifying their stance.
The companies said that the ED investigation has “absolutely no impact” on their current business activities, finances, or stakeholder interests. They appeared confident that their operations remain stable despite the ongoing probe.
Part of Broader Crackdown on Corporate Financial Irregularities
This investigation forms part of a larger ED campaign to tackle suspected financial frauds involving major corporate entities. Officials suggest the inquiry could expand in the coming weeks, as more details come to light and the questioning of key figures, including Anil Ambani, gets underway.