Rs 17,000 crore bank loan fraud; Anil Ambani to appear before the ED today

Reliance Group Chairman Anil Ambani to appear before the Enforcement Directorate today. Anil Ambani will appear before the ED today for questioning in a money laundering case related to a Rs 17,000 crore bank loan fraud. The ED had conducted searches in companies linked to Anil Ambani in the past few days and recovered several documents and devices.

The investigating agency had summoned the Reliance Group Chairman on August 1. It is learnt that the ED has written to banks seeking details of loans granted to Anil Ambani's companies. The initial investigation had found that about Rs 3,000 crore of illegal loans were diverted from Yes Bank between 2017 and 2019. The ED also found that Reliance Communications Limited committed a loan fraud of over Rs 14,000 crore in the subsequent investigation.

The raids began on July 24. The raids, conducted under the provisions of the Prevention of Money Laundering Act (PMLA), were mainly carried out in Delhi and Mumbai. The raids were conducted at the premises of 50 companies and 25 individuals. More than 25 people were questioned.