Daijiworld Media Network – Mumbai

Mumbai, Nov 17: Reliance Group chairman Anil Ambani on Monday again failed to appear before the Enforcement Directorate (ED) for questioning in connection with an ongoing probe under the Foreign Exchange Management Act (FEMA), sources told NDTV Profit. This is the second consecutive summons he has skipped after the agency denied his request for a virtual hearing last week.

The investigation is linked to the Jaipur–Reengus highway project awarded to Reliance Infra in 2010. According to the ED, around Rs 40 crore from the project was allegedly siphoned off through Surat-based shell companies and routed to Dubai, potentially forming part of a larger hawala network estimated at over Rs 600 crore.

Ambani was last questioned by the agency in August. In recent weeks, the ED has attached assets worth Rs 4,462 crore belonging to his group companies. Earlier this week, the agency also attached about 132 acres of land at the Dhirubhai Ambani Knowledge City (DAKC) in Navi Mumbai, valued at around Rs 7,545 crore, in connection with the Reliance Communications bank loan case.

The ED’s action follows a CBI FIR naming Anil Ambani, RCom and others on charges of fraud, conspiracy and corruption. Investigators are examining loans exceeding Rs 40,000 crore taken by RCom and its affiliates between 2010 and 2012, five of which have since been declared fraudulent by banks.

Preliminary findings reportedly reveal a complex web of financial diversion, including Rs 13,600 crore routed through “loan evergreening”, over Rs 12,600 crore allegedly diverted to related companies, and Rs 1,800 crore cycled through fixed deposits and mutual funds before being reinvested into group entities.