Anil Ambani to Appear Before ED in ₹17,000 Crore Loan Fraud Investigation

Businessman Anil Ambani is set to face questioning by the Enforcement Directorate (ED) in Delhi today regarding an alleged ₹17,000 crore bank loan fraud case. This probe centers on accusations of financial irregularities and money laundering involving loans taken by Reliance Group companies such as Reliance Home Finance, Reliance Commercial Finance, and Reliance Communications.

The ED conducted raids at over 35 locations in Mumbai covering around 50 companies and 25 individuals linked to the Anil Dhirubhai Ambani Group (ADAG). These operations led to the seizure of critical documents and records that have formed the basis for the ongoing investigation.

The focus is on alleged diversion of loans sanctioned by various public and private sector banks, including Yes Bank, State Bank of India, ICICI Bank, Axis Bank, HDFC Bank, UCO Bank, and Punjab and Sind Bank. Early findings suggest that approximately ₹3,000 crore was diverted from Yes Bank loans between 2017 and 2019, with the total suspected loan fraud potentially exceeding ₹17,000 crore through further diversions across group entities.

To ensure his availability during the investigation, the ED has issued a lookout circular preventing Anil Ambani from leaving the country. Several senior executives of the ADAG, including Amitabh Jhunjhunwala and Satish Seth, have also been summoned for questioning.

In related developments, the managing director of an Odisha-based company was arrested for allegedly submitting a fake bank guarantee created for Reliance Group companies. As the inquiry progresses, Anil Ambani’s cooperation will be pivotal in uncovering the complexities of the alleged financial misconduct under scrutiny by law enforcement agencies.