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Anil Ambani
The Bombay High Court on Wednesday stayed all present and future actions by three banks seeking to declare the accounts of Anil Ambani and his company Reliance Communications Ltd as 'fraud', noting that the provisions of the RBI's Master Directions were violated in the process. The action was based on a forensic audit report prepared by an external auditor, BDO LLP, noted Justice Milind Jadhav. But this report cannot be relied upon because it had not been signed by a duly qualified chartered accountant (CA) as required under the Reserve Bank of India's 2024 Master Directions on fraud, the judge said. If interim relief was not given to Ambani and Reliance Communications, it would cause "grave and irreparable harm / loss", said the order. "Principles of natural justice are based on the maxim 'justice should not only be done but should manifestly be seen to be done,' the HC said, adding that a forensic audit report prepared by an external auditor cannot be relied upon by the banks to
The Enforcement Directorate on Saturday questioned Jai Anmol Ambani, son of industrialist Anil Ambani, for the second consecutive day in a money laundering case linked to an alleged bank loan fraud, officials said. The statements of 34-year-old Anmol Ambai were recorded under the Prevention of Money Laundering Act (PMLA) for the first time on Friday, and the session is continuing on Saturday, they said. The Reliance Anil Dhirubhai Ambani Group did not respond to the development. The ED probe is related to Yes Bank, which, according to the officials, had an exposure of about Rs 6,000 crore in the Reliance Anil Dhirubhai Ambani Group as of March 31, 2017, which doubled to Rs 13,000 crore within a year. The companies involved included Reliance Home Finance Limited (RHFL) and Reliance Commercial Finance Limited (RCFL). A large portion of these investments turned into non-performing investments (NPIs) and the bank, subsequently, suffered a loss of Rs 3,300 crore from these dealings, the
The Enforcement Directorate on Friday questioned Jai Anmol Ambani, son of industrialist Anil Ambani, in Delhi in a money laundering case linked to an alleged bank loan fraud, officials said. They said the statement of the 34-year-old was recorded under the Prevention of Money Laundering Act (PMLA), and it is expected to continue on Saturday. The ED probe is related to Yes Bank. The bank, as per the officials, had an exposure of about Rs 6,000 crore to Reliance Anil Dhirubhai Ambani Group (ADAG) as on March 31, 2017 and this figure doubled to Rs 13,000 crore within a year (as on March 31, 2018). The companies included Reliance Home Finance Limited (RHFL) and Reliance Commercial Finance Limited (RCFL). A "large" portion of these investments turned into non-performing investments (NPI) and the bank, subsequently, suffered a loss of Rs 3,300 crore from these dealings, the agency had alleged. Ambani senior too has been questioned by the ED in an alleged bank loan fraud case against the
The Enforcement Directorate on Monday questioned Yes Bank co-founder Rana Kapoor as part of a money laundering investigation against Reliance Anil Ambani group companies, officials said. The statement is being recorded under the Prevention of Money Laundering Act (PMLA), they said. The probe is related to the period between 2017-2019 when Yes Bank allegedly invested Rs 2,965 crore in Reliance Home Finance Ltd (RHFL) instruments and Rs 2,045 crore in Reliance Commercial Finance Limited (RCFL) instruments. By December 2019, these had become non-performing investments, the agency claimed. The outstanding was Rs 1,353.5 crore for RHFL and Rs 1,984 crore for RCFL, and the probe found that the two companies received public funds worth more than Rs 11,000 crore, according to the ED. "Before Yes Bank invested this money in Reliance Anil Ambani group companies, Yes Bank had received huge funds from erstwhile Reliance Nippon Mutual Fund. "As per SEBI regulations, Reliance Nippon Mutual Fund
The CBI has booked the son of industrialist Anil Ambani, Jai Anmol Anil Ambani, and Reliance Home Finance Ltd. (RHFL) in a case of alleged cheating in Union Bank of India that caused a loss of Rs 228 crore to the public bank, officials said on Tuesday. The CBI acted on a complaint from the bank (erstwhile Andhra Bank) against Reliance Home Finance Ltd., Jai Anmol Anil Ambani and Ravindra Sharad Sudhakar, both directors in RHFL, they said. The company had availed credit limits to the tune of Rs 450 crore from the bank's SCF branch in Mumbai for business needs, the complaint stated. The bank had laid down the condition to maintain financial discipline including timely repayment, service of interest and other charges and submission of position of security and other required papers in time and routing the entire sale proceeds through the bank account. The company failed to pay the instalments to the bank and hence, the said account was classified as a non-performing asset (NPA) on ...
The Enforcement Directorate has attached fresh assets worth Rs 1,120 crore as part of its money laundering probe against the companies of Reliance Group chairman Anil Ambani, officials said. Eighteen properties, including the Reliance Centre in Mumbai's Ballard Estate, fixed deposits, bank balance and shareholding in unqouted investments of Reliance Anil Ambani Group have been provisionally attached under the Prevention of Money Laundering Act (PMLA), they said. Another set of seven properties of Reliance Infrastructure Ltd, two properties of Reliance Power Ltd, nine properties of Reliance Value Service Private Ltd, fixed deposits in the name of Reliance Value Service Private Ltd, Reliance Venture Asset Management Private Lt, Phi Management Solutions Private Ltd, Adhar Property Consultancy Pvt Ltd, Gamesa Investment Management Private Ltd and investments made in unquoted investment by Reliance Venture Asset Management Private Ltd and Phi Management Solutions Private Ltd have also bee
Industrialist Anil Ambani has moved the Supreme Court challenging an order of the Bombay High Court which upheld the State Bank of India's (SBI) decision classifying his and Reliance Communications' accounts as fraud. The matter is yet to be listed for hearing. The High Court had on October 3 dismissed Ambani's plea challenging the SBI decision and said there was no merit in the plea. The SBI had last year classified the accounts as fraud, alleging misappropriation of funds by entering into transactions that violated the terms of loans extended by it. Ambani moved the HC, arguing that the bank had not followed the principles of natural justice as it did not grant him a hearing. Certain documents, based on which the classification orders were passed, were not provided to him initially and were furnished only after six months, the petition claimed. The bank this year lodged a complaint with the Central Bureau of Investigation (CBI), which searched premises linked to Reliance ...
The Central Bureau of Investigation (CBI) has obtained a sanction to proceed against Yes Bank co-founder Rana Kapoor in a case pertaining to alleged fraudulent transactions between the bank and two Anil Dhirubhai Ambani group companies. The probe agency recently filed an application before a court here for submitting additional documents it is relying on, including the sanction for prosecution against Rana Kapoor, then managing director and chief executive officer of Yes Bank, under the Prevention of Corruption (PC) Act. The court is scheduled to hear both the defence and the prosecution on December 12 for taking cognizance of the charge sheet filed by the CBI. As per the probe agency, the alleged fraudulent transactions involving Reliance Commercial Finance Limited (RCFL) and Reliance Home Finance Limited (RHFL), Yes Bank, and the firms controlled by Kapoor's family caused a loss of Rs 2,796 crore to the bank. The charge sheet names Anil Ambani, Rana Kapoor, his wife Bindu Kapoor
The Enforcement Directorate (ED) has attached fresh assets worth crores of rupees as part of a money laundering probe related to Reliance Group chairman Anil Ambani and his companies, official sources said. The federal investigative agency had earlier attached properties worth Rs 7,500 crore in this case. The latest provisional attachment order has been issued under the Prevention of Money Laundering Act (PMLA) for the assets located in various parts of the country. It is estimated that assets worth over Rs 1,400 crore have been attached as part of the latest order, the sources said.
The Supreme Court on Tuesday issued notices to the Centre, CBI, ED, Anil Ambani and others on a PIL seeking a court-monitored probe into alleged massive banking and corporate fraud involving Reliance Communications (RCOM), its group companies and their promoter. A bench comprising Chief Justice B R Gavai and Justice K Vinod Chandran took note of the submissions of lawyer Prashant Bhushan, appearing for PIL petitioner and former Union secretary E A S Sarma, and sought the replies within three weeks. The bench has now posted the PIL for further hearing after three weeks. Bhushan alleged that the probe agencies are not investigating the alleged complicity of banks and their officials in the huge banking fraud. He sought a direction to the CBI and the ED to file respective status reports with regard to the probe against banks and their officials in the case. Issue notice returnable in three weeks. Let them file their replies, the CJI said. The PIL alleged systematic diversion of publi
Reliance Group Chairman Anil Ambani refused to appear before the Enforcement Directorate in a Foreign Exchange Management Act (FEMA) case for the second time on Monday. The businessman said he was ready to depose before the federal probe agency via "virtual appearance/recorded video", a statement he made when he skipped the summons the first time on November 14. The ED had rejected Ambani's offer and issued him a fresh summons for Monday. It was not clear if the agency would issue a third summons now. Proceedings under the FEMA are civil in nature, as against the criminal processes under the anti-money laundering law. In a statement, a spokesperson of the 66-year-old businessman said, "Mr Anil D. Ambani has offered to make himself available for the recording of his statement, at any date and time suitable to ED, via virtual appearance/recorded video." According to sources, the agency had asked Ambani to appear before it in person on Friday and record his statement under the FEMA.
Reliance Group chairman Anil Ambani has offered to appear before the Enforcement Directorate through "virtual means" following summons issued to him under the FEMA for Friday. A statement issued by a spokesperson of the 66-year-old businessman said he has written to the federal probe agency assuring "fully cooperation" in the probe being conducted under the Foreign Exchange Management Act (FEMA). The agency, according to sources, had asked Ambani to appear in person on Friday and get recorded his statement under the FEMA. The investigation pertains to the Jaipur-Reengus Highway Project where the ED suspects that funds worth about Rs 100 crore were sent abroad via the hawala route. The ED has recorded the statement of various persons, including some alleged hawala dealers, following which they decided to summon Ambani, the sources said. Hawala denotes illegal movement of funds, largely in cash. The businessman has once been questioned by the ED in a money laundering case linked to
The Enforcement Directorate on Friday said it has made a fresh and the third arrest in connection with a money laundering probe against businessman Anil Ambani's group company Reliance Power linked to issuance of an alleged fake bank guarantee of Rs 68 crore. Amar Nath Dutta, a resident of Kolkata, was taken into custody on Thursday under the provisions of the Prevention of Money Laundering Act (PMLA). A special court sent him to ED custody till November 10, it said in a statement. The federal probe agency has arrested former Reliance Power CFO Ashok Kumar Pal and a private person Partha Sarathi Biswal, MD of an Odisha-based company named Biswal Tradelink, sometime back as part of this investigation. "He (Dutta) claims to provide consultancy services in Trade Financing. Dutta played an active role along with Ashok Pal and Partha Sarathi Biswal, for providing fake bank guarantees," the agency said. The case pertains to a bank guarantee of Rs 68.2 crore submitted to the Solar Energy
Anil Ambani's Reliance Group on Tuesday said there is no impact on business operations of the group's listed companies because of the ED's attachment of Rs 7,500 crore worth of properties, which is linked to a money-laundering probe. The majority of the assets attached by the Enforcement Directorate belong to Reliance Communications, which is under the control of the Resolution Professional (RP) and the committee of creditors (CoC), led by State Bank of India, the group's listed firms said in stock exchange filings. The federal probe agency issued four separate provisional orders under the Prevention of Money Laundering Act (PMLA) on October 31 for attaching 42 properties, including the 66-year-old Ambani's family home in Pali Hill, Mumbai, apart from other residential and commercial properties of his group companies. The attachment relates to cases involving Reliance Communications and its affiliates over the alleged diversion of loans taken from YES Bank between 2017 and ...