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The ED raided Anil’s more than 50 companies and locations in Mumbai and Delhi on 24 July. More than 25 people were also questioned. (File photo)
Reliance Group Chairman and MD Anil Ambani will be questioned today (Tuesday, 5 August) Enforcement Directorate (ED). The Financial Investigation Agency issued summons on 1 August asking him to appear.
Anil will be questioned in many cases in a total of Rs 17,000 crore money laundering and loan fraud case. In some reports, a loan fraud worth Rs 3000 crore was said with Yash Bank.
According to reports, Anil has left his home for Delhi’s ED office.
Lookout notice was issued on 1 August
Earlier, ED issued a lookout notice against Anil Ambani. According to media reports, Anil Ambani cannot leave India without the approval of the Investigating Officer. If he tries to go abroad, he can be detained.
On July 24, the ED raided more than 50 companies and locations in Mumbai and Delhi associated with the Reliance Group. More than 25 people were also questioned. The raid was conducted under Section 17 of the Prevention of Money Laundering Act (PMLA).
The ED team arrived in the morning on 24 July to raid companies associated with Anil Ambani’s Reliance Group.
Full case in 5 questions and answers:
Question 1: Why has ED action against Anil Ambani’s group?
Answer: According to reports, the case is related to a loan of about Rs 3,000 crore given by Yes Bank to Reliance Group companies associated with Anil Ambani between 2017 and 2019.
Initial investigations of the ED have revealed that these loans were allegedly diverted to fake companies and other units of the group. The investigation also revealed that the big officials of Yes Bank have probably been given bribe.
Question 2: What else came out in the ED investigation?
answer: The ED says that this was a “thoughtful and well-planned” plan, under which the money was grabbed by giving false information to banks, shareholders, investors and other public institutions. Many disturbances were caught in the investigation, such as:
- Loans to companies with weak or unnecessary verification.
- Many companies use the same director and address.
- The absence of necessary documents related to loan.
- Transfer money to fake companies.
- The process of giving new loans to repay the old loan (loan earrings).
Question 3: What is the role of CBI in this case?
answer: The CBI had registered an FIR in two cases. These cases are related to two different loans given by Yes Bank to Reliance Home Finance Limited and Reliance Commercial Finance Limited. In both cases, CBI took the name of former CEO Rana Kapoor of Yes Bank.
After this, an official said that other agencies and institutions like National Housing Bank, SEBI, National Financial Reporting Authority and Bank of Baroda also shared information with ED. Now ED is investigating this case.
Question 4: What was the impact on Anil Ambani’s companies?
answer: After the news of the raid, the shares of two major companies of Anil Ambani, Reliance Infrastructure and Reliance Power declined by 5%. Today, after the news of summons, it has a decline of 3%.
On this matter, Reliance Power had said that these actions had no effect on the company’s business, financial performance, shareholders, employees or any other stakeholder.
The company said that media reports are talking about allegations of 10 -year -old transactions associated with Reliance Communications Limited (RCOM) or Reliance Home Finance Limited (RHFL).
Reliance Power is a separate and independent listed company that has no commercial or financial relations with RCom or RHFL.
Question 5: What else are there on Anil Ambani companies?
Answer: A few days ago, State Bank of India declared Anil Ambani’s company Reliance Communications and Anil Ambani himself as “fraud”.
SBI says that RCom misused a loan of Rs 31,580 crore taken from the bank. Out of this, about Rs 13,667 crore was spent in repaying loans of other companies. 12,692 crore rupees were transferred to other companies of Reliance Group.
SBI also said that we are in the process of filing a complaint with the Central Bureau of Investigation (CBI) in this case. Apart from this, the action of Personal Insolvency (Insolvency) against Anil Ambani is also going on in the National Company Law Tribunal (NCLT) Mumbai.
According to the NDTV report, on Thursday (31 July), ED raided the firms associated with Anil in a fake bank guarantee case of Rs 68.2 crore.
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ED action on Anil Ambani’s companies completed: raids 35 places in 3 days; Loan accused of fraud in loan of ₹ 3000 crore
Raids at more than 35 places associated with Anil Ambani’s Reliance Group of Anil Ambani have been completed on Sunday. The action started on 24 July, which lasted for three days. The Red consists of about 50 companies. More than 25 people have also been questioned.
Reliance Group companies Reliance Power and Reliance Infrastructure informed this through exchange filing on Sunday. Both companies told the stock exchange that this action would not have any effect on their business, financial performance or shareholders.
Click here to read the full news …
