The Enforcement Directorate (ED) has initiated a new money laundering case against Reliance Group Chairman Anil Ambani, Reliance Communications (RCom), and others. This case is related to an alleged bank fraud amounting to ₹2,929 crore.
The Central Bureau of Investigation (CBI) filed a First Information Report (FIR) last month, which prompted the ED to take this action. Ambani and RCom were charged in the CBI's FIR with causing this financial loss to the State Bank of India (SBI). In order to obtain information on the purported misappropriation and diversion of bank funds, the CBI searched six locations in Mumbai connected to RCom and Ambani after the FIR was filed.
The Reserve Bank of India (RBI) received a report from the SBI on June 24 after it had labelled RCom and Ambani "fraud" on June 13. In a letter to RCom, the SBI stated that the company had not provided sufficient explanations for its failure to adhere to the loan terms and conditions or for the irregularities found in the account of Reliance Capital Limited (RCL).
Also Read: Now, Bank of India flags RCom, Anil Ambani as fraud
This is not the first time Ambani has been questioned by the ED. The agency had previously interrogated him in a money laundering case involving multiple bank loan frauds worth crores against his group companies.
The ED has been looking into the alleged diversion of approximately ₹3,000 crore in loans provided to Reliance Group companies by Yes Bank between 2017 and 2019. The investigation revealed that Yes Bank's promoters received payments shortly before the loans were sanctioned, suggesting a quid pro quo arrangement.
Also Read: Now Bank of Baroda declares RCom, Anil Ambani as ‘fraud’
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