NEW DELHI: The Enforcement Directorate has widened its investigation into alleged financial irregularities of the Anil Ambani-led Reliance ADA Group by probing an alleged Rs 68.3 crore fake bank guarantee case.
The ED has also issued a lookout circular (LOC) against him in connection with the alleged Rs 3,000-crore loan fraud involving Yes Bank. An LOC is issued to prevent individuals from leaving the country while they are under investigation. LOCs are circulated to all airports and seaports, alerting immigration officials to detain the individual under investigation, to prevent any attempt by them to flee from India.
The development came after the ED summoned Anil Ambani for questioning on Tuesday at the ED’s Delhi office.
The ED is already probing the alleged diversion of loans worth Rs 3,000 crore disbursed to Reliance Group companies by Yes Bank between 2017 and 2019.
Investigators suspect that payments were allegedly made to Yes Bank promoters before the loans were actually sanctioned, pointing to a possible quid pro quo.
It may be recalled that the ED raided several locations connected to the case on July 24. The searches which lasted for three days were carried out under the Prevention of Money Laundering Act (PMLA).
Reliance Power and Reliance Infrastructure had acknowledged the ED’s actions in stock exchange filings but insisted that the raids had “absolutely no impact” on their business operations.
“Media reports appear to pertain to allegations concerning transactions of Reliance Communications Limited (RCOM) or Reliance Home Finance Limited (RHFL), which are over 10 years old,” the Reliance ADA Group had stated after the ED raids.
Agencies