Anil Ambani Summoned by ED in ₹17,000 Crore Loan Fraud Investigation

Rapid Summary

• Who: Enforcement Directorate (ED), Anil Ambani, reliance ADA Group.
• what: Anil Ambani summoned for questioning on August 5 in an alleged Rs 17,000 crore loan fraud case. ED claims fund diversion tied to loans from Yes Bank involving Reliance-linked firms.
• Scope of Investigation: Covers over 50 companies and 35 locations; FIRs filed by CBI alongside inputs from SEBI, National Housing Bank, NFRA, and others.
• Key Findings:

– Loan diversion worth Rs 3,000 crore allegedly occurred between 2017-2019 through flawed approvals and shell entities linked to Reliance ADA Group firms.
– Widespread financial violations such as backdated approvals and missing credit evaluations uncovered at entities like Reliance Home Finance Limited (RHFL).
– “Evergreening” tactics suspected-fresh loans used to repay old ones to mask non-performing assets.

• Action Taken: ED conducted raids across more than 35 locations on July 24 targeting companies and individuals likely involved in fund-siphoning schemes.

!Republic World