Daijiworld Media Network – New Delhi
New Delhi, Aug 4:The Enforcement Directorate (ED) is intensifying its probe into the alleged Rs 3,000-cr loan fraud involving the Anil Ambani group, with several top banks now under scrutiny. Sources revealed that the financial crimes agency may soon summon bankers for questioning regarding loans issued to companies under Ambani’s group that later turned into non-performing assets.
The ED has written to nearly 12-13 public and private sector banks — including SBI, ICICI Bank, Axis Bank, HDFC Bank, UCO Bank and Punjab and Sind Bank — seeking detailed information on the due diligence process, timelines of default, and recovery actions taken in the matter of loans issued to Reliance Housing Finance, Reliance Communications, and Reliance Commercial Finance.
Investigators are expected to summon bank officials if their responses are found unsatisfactory.
The development follows a look out circular (LOC) issued against Anil Ambani last week, preventing him from leaving the country amid the ongoing investigation. He has been summoned to appear before the ED on Tuesday.
The case primarily concerns loans sanctioned by Yes Bank between 2017 and 2019, which investigators believe may have been diverted illicitly. The ED is also probing possible quid pro quo arrangements, alleging that Yes Bank promoters received personal financial benefits around the time the loans were approved.
Following ED raids on multiple premises linked to the Ambani group on July 24, Reliance Power and Reliance Infrastructure issued statements claiming the agency’s actions have “absolutely no impact” on their business or financial performance.
In June, SBI had classified Reliance Communications and Anil Ambani’s personal accounts as 'fraud', subsequently notifying the RBI and lodging a complaint with the CBI. The investigation also involves scrutiny of alleged misuse of public funds through shell companies.
In a related regulatory action, SEBI had earlier barred Anil Ambani and senior officials from the securities market for five years and imposed penalties over fund diversion allegations linked to Reliance Home Finance.