Industrialist Anil Ambani Faces ED Interrogation

Industrialist Anil Ambani appeared before the Enforcement Directorate (ED) in New Delhi on Tuesday, following a summons in connection with a suspected Rs 17,000-crore loan fraud case. This development comes shortly after the agency issued a Look Out Circular (LOC) against him, effectively preventing his departure from the country during the ongoing investigation.

Probe into Financial Irregularities

According to ANI, the ED is investigating alleged financial irregularities and potential violations under the Prevention of Money Laundering Act (PMLA). The investigation was triggered after a large-scale operation on July 24, targeting 35 premises, 50 companies, and over 25 individuals associated with the Reliance Anil Ambani Group (RAAGA) companies.

Uncovering a Well-Planned Scheme

Preliminary findings suggest a meticulously planned scheme to divert public funds, deceiving banks, investors, and public institutions. The role of Yes Bank, including its then-promoter, is also under scrutiny, with suspicions of illegal diversion of approximately Rs 3,000 crore in loans disbursed between 2017 and 2019.

Collaborative Investigation Efforts

The ED's probe is supported by inputs from various regulatory and financial institutions, including the National Housing Bank, SEBI, National Financial Reporting Authority (NFRA), and the Bank of Baroda, highlighting the comprehensive nature of the investigation.