THE Enforcement Directorate (ED) on Tuesday questioned Reliance Group Chairman Anil Ambani for around 10 hours in a money laundering case linked to alleged multiple bank loan fraud cases worth crores of rupees against his group companies. The businessman reached the office of the central probe agency in central Delhi in an EV vehicle around 10:50 am (Contd from page 1) and made an exit shortly before 9 pm. The statement of the 66-year-old businessman has been recorded under the Prevention of Money Laundering Act (PMLA), official sources said. He was asked about a dozen questions, they said. It is understood that Ambani denied any wrongdoing and said his companies have made timely disclosures about their financial health to regulators.

 

He is also stated to have told investigators that all financial decisions were taken by senior executives of the companies concerned. The ED investigators are, however, not convinced and he is expected to be summoned again. Ambani has also sought about 10 days time to furnish some documents to the ED related to key financial decisions taken, the sources said. The summons came after the agency conducted searches at 35 premises of 50 companies and 25 people, including executives of his business group, in Mumbai on July 24. The ED has notified a Look Out Circular (LOC), as per standard operating procedure in large bank ‘fraud’ cases, against Ambani even as some executives of his group have also been summoned to appear for questioning during the week as part of this probe.

 

The action against Ambani pertains to alleged financial irregularities and collective loan “diversion” pegged at more than Rs 17,000 crore by multiple group companies of Anil Ambani, including Reliance Infrastructure (R Infra). The first allegation pertains to “illegal” loan diversion of around Rs 3,000 crore, given by the Yes Bank to the group companies of Ambani between 2017 and 2019. The ED suspects, the sources said, that just before the loan was granted, Yes Bank promoters “received” money in their companies. The agency is investigating this nexus of “bribe” and the loan.