Reliance Group Chairman Anil Ambani appeared before the Enforcement Directorate (ED) on Thursday to clarify on the group’s exposure to YES Bank, and sought more time from the agency to provide further clarifications on some specific queries. The probe agency has asked him to appear again on March 30.
Ambani had been called by the ED in connection with an ongoing money laundering case against YES Bank co-founder Rana Kapoor. Ambani was asked to furnish some important details which are crucial for the case, said an ED official. ADAG is amongst the largest borrower of the bank, with an exposure of around Rs 13,000 crore.
Sources said that the ED during questioning asked for his replies on queries related to the group’s functioning, utilisation of credit sanctioned and the agreement with the private-sector lender, the official said. An email sent to Reliance group on the specific queries went unanswered.
In a media statement, Reliance group said, “Anil Ambani met ED officials (on Thursday) to clarify on the Reliance Group’s exposure to YES Bank. He reiterated that the Reliance Group’s entire exposure to YES Bank is fully secured and transacted in the ordinary course of business. All transactions between the Reliance Group and YES Bank are in compliance with the law and financial regulations.”
Ambani also clarified to the agency that Reliance Group had no direct or indirect exposure to Rana Kapoor or his wife or daughters, or any entities controlled by Kapoor or his family.
Ambani assured that the Reliance Group will continue to extend its full support and cooperation to all authorities, in its statement.
The central agency had issued summons to Ambani to appear last on March 16, but he had sought adjournment and requested an extension, and the agency then asked him to make a personal appearance on Thursday.
Meanwhile, other big defaulters of YES Bank who had been summoned by the ED to appear this week did not show up. This includes Jet Airways founder Naresh Goyal, who will be issued fresh summons. Essel Group Chairman Subhash Chandra has been given a fresh date and asked to join the probe on Saturday, as he could not appear because he was attending the parliament session. Chandra is a member of parliament in Rajya Sabha.
Indiabulls group founder Sameer Gehlaut also requested for postponing his questioning as he is in the UK and unable to appear due to travel restrictions. DHFL’s Kapil and Dheeraj Wadhawans also skipped the summons date citing coronavirus.