ED Summons Top Executives From Anil Ambani-Led Reliance Group in Yes Bank Loan Probe: Details Inside

The Enforcement Directorate (ED) has summoned top Reliance Group executives in connection with an alleged Rs 17,000-crore loan fraud case. According to multiple media reports, the ED is likely to summon some bankers for interrogation as part of the inquiry into loans given to the Anil Ambani group that later became non-performing.

Earlier, ANI sources revealed that a Look Out Circular (LOC) has also been issued against Anil Ambani to prevent any attempt to leave the country while the probe is ongoing.

Ambani has been directed to appear before investigators at the ED headquarters in New Delhi on August 5. The agency has not yet released an official statement on the matter.

The summons comes as part of ED’s investigation into suspected financial irregularities and alleged violations under the Prevention of Money Laundering Act (PMLA). 

The probe follows a series of raids conducted by the ED on July 24 at 35 premises linked to 50 companies and over 25 individuals associated with Reliance Anil Ambani Group (RAAGA) companies.

These searches were part of an ongoing money laundering investigation initiated after a First Information Report (FIR) was filed by the Central Bureau of Investigation (CBI).

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According to officials, the ED’s inquiry is based on inputs from various institutions, including the National Housing Bank, SEBI, the National Financial Reporting Authority (NFRA), and the Bank of Baroda. Preliminary findings suggest a “well-planned scheme” involving loan diversion and syphoning of public funds by cheating banks, shareholders, and investors.

The probe also includes allegations of bribery involving bank officials, including a former promoter of Yes Bank Limited. Investigators believe that nearly Rs 3,000 crore was illegally diverted from Yes Bank between 2017 and 2019.

In response to the ongoing scrutiny, Reliance Power and Reliance Infrastructure, both part of the Anil Ambani-led group, issued separate statements asserting that the ED’s probe has “absolutely no impact” on their business operations, financial performance, or stakeholders.

Reliance Power said, “No impact on Reliance Power, its business operations, financial performance, shareholders, employees, or any other stakeholders,” while Reliance Infrastructure released a similar assurance for its operations.