 "Anil Ambani")
Reliance Group Chairman Anil Ambani on Tuesday appeared before the Enforcement Directorate (ED) in New Delhi for questioning in connection with an alleged ₹17,000 crore worth bank loan fraud-linked money laundering case.
The ED will summon him again after 10 days, according to sources.
The sixty-six-year-old reached the central agency’s office in an electric vehicle around 10:50 am, and his statement was recorded under the Prevention of Money Laundering Act (PMLA) in connection with the probe linked to multiple fraud cases involving several of his group companies.
“During questioning, he denied any involvement in the case, stating that all financial decisions were taken by the internal board of his companies and that he merely signed off on them later,” a source said.
The businessman informed ED officials that he would need at least seven to 10 days to gather the necessary documents and facts related to the case, the source added. “Based on his request, the agency may summon him again within the next 7-10 days,” the source added.
The ED has also summoned two of his close associates — Amitabh Jhunjhunwala and Sateesh Seth. Both are senior executives within Ambani’s business empire and are alleged to have played key roles in its financial operations.
On August 1, the ED issued a Look Out Circular (LOC) against Anil Ambani to stop him from leaving the country while the investigation is ongoing. An LOC is typically issued to ensure that individuals under probe are available for questioning and do not flee abroad.
Between July 24 and 26, the ED conducted raids at more than 35 locations across Mumbai and Delhi. These raids targeted over 50 companies and 25 individuals connected to the Reliance Anil Dhirubhai Ambani Group. One of the main concerns is about loans worth ₹3,000 crore disbursed by Yes Bank between 2017 and 2019, which are believed to have been siphoned off to shell companies and non-genuine entities. Several of these companies reportedly shared the same addresses and directors.
The probe draws from two CBI FIRs, and inputs from Sebi, the National Housing Bank, the National Financial Reporting Authority, and Bank of Baroda.
A source had earlier said the case involves forged documents, backdated approvals, and possible bribes to Yes Bank officials. Loans were allegedly disbursed in haste without proper checks.
