ED summons Anil Ambani again in money laundering case on Nov 14

The ED has summoned Anil Ambani on November 14 in a money laundering case involving Reliance ADAG group firms. The agency recently attached assets worth ₹4,462 crore, alleging diversion of ₹40,000 crore in loans across group entities.

New Delhi: The Enforcement Directorate (ED) has summoned Reliance ADAG Group Chairman, Anil Ambani, again on November 14 for questioning in the money laundering case against the conglomerate, according to sources.

The development comes close on the heels of ED provisionally attaching over 132 acres of land worth Rs 4,462.81 crore in Dhirubhai Ambani Knowledge City at Navi Mumbai earlier this week, under the provisions of Prevention of Money Laundering Act, sources added.

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ED had earlier attached 42 properties worth over Rs 3,083 crore in the bank fraud cases of Reliance Communications Ltd. (RCOM), Reliance Commercial Finance Ltd., and Reliance Home Finance Ltd.

“The total attachment in these cases stands at over Rs 7,545 crore. ED is actively pursuing perpetrators of financial crime and is committed to restituting the proceeds of crime to their rightful claimants,” the statement said.

The financial watchdog had initiated investigation based on CBI’s FIR under sections 120-B, 406 and 420 of the Indian Penal Code, 1860 and section 13(2) read with section 13(1)(d) of the Prevention of Corruption Act, 1989 against RCOM, Anil Ambani, and others.

RCOM and its group companies availed loans from domestic and foreign lenders from the period of 2010-2012 onwards, of which a total amount of Rs 40,185 crores is outstanding. Five banks have declared the loan accounts of the Group as fraud, the statement said.

The ED investigation has revealed that loans taken by one entity from one bank were utilized for repayment of loans taken by other entities from other banks, transfer to related parties, and investments in mutual funds, which was in contravention to the terms and conditions of the sanction letter of the loans, the statement had explained.

In particular, RCOM and its group companies diverted over Rs 13,600 crore for evergreening of loans; over Rs 12,600 crore was diverted to connected parties and over Rs 1,800 crore was invested in FDs/MFs etc., which was substantially liquidated for rerouting to group entities.

Huge misuse of bill discounting for the purpose of funnelling funds to connected parties has also been detected by ED. Certain loans were siphoned off outside India through foreign outward remittances. Further investigation is under progress, according to an ED statement.