Anil Ambani
The look out circular (LOC) has been issued against industrialist and Reliance Dhirubhai Ambani Group Chairman Anil Ambani. The ED has also called him for questioning on 5 August. Explain that the ED has sent summons to Anil Ambani in the alleged loan fraud case of Rs 17,000 crore. He has been asked to appear at the ED headquarters in Delhi on 5 August. Last week, ED raided around 35 places in Mumbai associated with Reliance Group, including 50 companies and 25 people. This investigation is being done under the Money Laundering Prevention Act (PMLA).
Called at ED headquarters in Delhi
According to sources, 66 -year -old Ambani has been called to the ED headquarters in Delhi, as the case is registered there. The agency will record his statement under the Prevention of Money Laundering Act (PMLA) during his interrogation. It is believed that this summons has been sent in connection with the investigation of alleged misuse and financial irregularities of bank loans taken by companies of Reliance Group.
Accuses related to Yes Bank
A large focus of ED investigation is on a loan of ₹ 3,000 crore, which was given to the group companies between 2017 and 2019. It is alleged that the funds were transferred to the promoters of YES Bank just before the release of these loans, which ED is looking as a loan in lieu of bribe. Loan acceptance included backdated credit approval memo, without appropriate assessment investment, and violation of the bank’s credit policy.
Role of SBI and other banks
The Government of India had recently informed in Parliament that SBI has placed RCom and Anil Ambani in the category of “fraud” and is in the process of filing a complaint with the CBI soon. Apart from this, ED is also investigating a loan fraud of ₹ 1,050 crore between RCom and Canara Bank.
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