ED Probe Deepens After Anil Ambani Grilled - Loan Documents Reveal Massive Exposure, Shell Firms

Anil Ambani, the industrialist has appeared in front of the Enforcement Directorate (ED) on Tuesday regarding questioning in lieu of the ongoing Rs 17,000 crore loan fraud and money laundering case.

Anil Ambani Under ED's Radar: Key Findings

Republic has accessed key loan files that are under the ED's scanner in this particular case.

This revealed that the loan sheet of Reliance Communications (RCom) has an outstanding of Rs 20,373 crore from all banks.

Anil Ambani had taken loans from 39 banks for his companies and the highest loan was taken from the Life Insurance Corporation of India (LIC) which stands at Rs 4,758 crore.

The major lenders include Yes Bank, State Bank of India (SBI), Punjab and Sind Bank and HDFC.

The loan sheet of Reliance Home Finance Ltd highlights an outstanding loan of Rs 5,901 crore and the highest amount towards this loan was disbursed by Yes Bank, which was a sum of Rs 1,518 crore.

Further, Reliance Commercial Finance Ltd's loan sheet revealed an outstanding of Rs 8,226 crore.

While Yes Bank disbursed a total of around Rs 13,544 crore NABARD gave RCFL a loan to the tune of Rs 1,1075 crore.

Anil Ambani's "Pump And Dump' Funds

According to the agency, RCFL and RHFL have primarily been used to divert the funds or "used to pump and dump funds."

This becomes clearer as companies like RHFL have only three employees.

Loan Diversion From Yes Bank

The loan scam case centres its investigation on the loans that were disbursed by Yes Bank to Ambani group of companies between 2017 and 2019. The ED suspects that a portion of these funds may have been illegally diverted.

Further, investigators are also probing quid pro quo, alleging that Yes Bank promoters received financial benefits shortly before the loans were sanctioned.

Also Read: Anil Ambani Reaches ED Office in Massive Rs 17,000 Crore Loan Fraud Case: Watch Video