Anil Ambani Summoned by ED on November 14 for Questioning in Money Laundering Probe

The Enforcement Directorate (ED) has once again summoned Reliance Group chairman Anil Ambani for questioning on November 14 in connection with an ongoing money laundering investigation, as per the news reports. 

The move follows the agency’s recent attachment of assets valued at more than ₹7,500 crore linked to Ambani and his group companies under the Prevention of Money Laundering Act (PMLA).

ED Attaches ₹7,500 Crore Worth of Assets Linked to Anil Ambani

According to the news reports, the ED issued four provisional attachment orders covering several assets belonging to Anil Ambani and his companies. The attached properties include Ambani’s Pali Hill residence in Mumbai and multiple residential and commercial holdings owned by Reliance Group firms. 

Among the major properties seized are a land parcel at Reliance Centre on Maharaja Ranjit Singh Marg in Delhi, along with assets across Delhi, Noida, Ghaziabad, Mumbai, Pune, Thane, Hyderabad, Chennai, and East Godavari. The total value of these properties stands at ₹3,084 crore.

Investigation into Diversion of Public Funds

The ED’s probe centres on the alleged diversion of funds raised by Reliance Home Finance Ltd (RHFL) and Reliance Commercial Finance Ltd (RCFL) between 2017 and 2019. During this period, Yes Bank invested ₹2,965 crore in RHFL and ₹2,045 crore in RCFL through various financial instruments. 

By December 2019, the loans had turned non-performing, with ₹1,353.50 crore outstanding for RHFL and ₹1,984 crore for RCFL. Investigators allege the funds were diverted to related entities instead of being used for legitimate business purposes, forming part of a larger investigation into suspected irregularities exceeding ₹17,000 crore across several Reliance Group companies.

Read More: ED Attaches DAKC Land Worth ₹4,462 Crore in Anil Ambani Loan Fraud Case!

Earlier Raids and Questioning

Before this summons, Anil Ambani was questioned by the agency in August, following extensive searches on July 24. On that day, the ED conducted raids at 35 locations associated with 50 companies and 25 individuals linked to the Reliance Group. The searches were part of the wider investigation into financial misconduct connected to Yes Bank’s loan disbursals to Ambani’s firms.

Reliance Infrastructure Clarifies Business Operations Unaffected

Following the ED’s action, Reliance Infrastructure issued a clarification stating that its operations, employees, and stakeholders remain unaffected. The company emphasised that Anil Ambani has not been part of its board for more than 3.5 years. This statement aimed to reassure investors and regulators amid ongoing legal proceedings and scrutiny.

Connection to Yes Bank Loan Fraud Case

The ED’s case also links to the broader Yes Bank loan fraud investigation. Earlier in July, the agency raided several of Ambani’s properties after the State Bank of India classified Reliance Communications as “fraud” and informed the Reserve Bank of India. 

Preliminary findings indicated that Yes Bank promoters allegedly received funds in their personal accounts before sanctioning large loans to Reliance Anil Ambani Group companies, suggesting possible quid pro quo arrangements.

Conclusion

The fresh summons of Anil Ambani on November 14 underlines the ED’s intensified probe into financial irregularities involving Reliance Group entities. With assets worth over ₹7,500 crore already attached and investigations expanding, the case marks one of the most significant money laundering inquiries in recent years linked to corporate funding and governance in India.

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