Rs 40,000 cr bank fraud case: ED to question Anil Ambani today; details

Rs 40,000 cr bank fraud case: As part of its investigation into a money laundering case pertaining to a bank fraud worth Rs 40,000 crore, the Enforcement Directorate will today, February 26, question businessman Anil Ambani.

Probe initiated after CBI registered FIR

A Times Now report said that the agency initiated the probe on the basis of an FIR registered by CBI under various Sections of Indian Penal Code and Prevention of Corruption Act against Reliance Communications Ltd (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 crore is outstanding. At least nine banks have declared the loan accounts of the Group as fraud, the report said.

What ED investigation revealed

ED investigation revealed that loans taken by one entity from one bank were utilised 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 Times Now report said.

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 funneling funds to connected parties has also been detected by ED. Certain loans were siphoned off outside India through foreign outward remittances, the report added.

ED attaches Anil Ambani's Mumbai home 'Abode'

This also comes at a time when the Enforcement Directorate has attached the Reliance Group chairman’s Mumbai house, 'Abode', worth Rs 3,716 crore in connection with its ongoing money laundering investigation linked to Reliance Communications Ltd's alleged bank fraud case.

The ED has provisionally attached Anil Ambani's Pali Hill Residential Property ‘Abode’ in Mumbai, worth Rs 3,716.83 crore, in Reliance Communications Ltd’s bank fraud case.

Anil Ambani’s luxurious house, which is 66 metres high and has 17 floors, is located in the Pali Hill area of Mumbai. ED's Special Task Force (Headquarters) attached the property under the provisions of the Prevention of Money Laundering Act, 2002 (PMLA).

Tina Ambani skipped ED summons for second time

Anil Ambani's wife Tina Ambani last week skipped the ED summons for the second time, PTI reported.

The former actor, summoned in connection with a money laundering case, did not appear before the federal probe agency on February 10 following which she was issued the fresh notice, the PTI report added.

The ED may issue her fresh dates, officials were quoted as saying by the report.