Anil Ambani may appear before ED today in ₹17,000 cr loan fraud case

Ambani was summoned final week as a part of the ED’s investigation into alleged cash laundering probe whereas the businesses in query are Reliance Home Finance Ltd (RHFL), Reliance Industrial Finance Ltd (RCFL), and Reliance Communications (RCom).

The probe, launched below the Prevention of Cash Laundering Act (PMLA), includes loans taken from practically 20 private and non-private sector banks. In keeping with knowledge obtainable with the ED, RHFL owes over ₹5,901 crore, RCFL greater than ₹8,226 crore, and RCom near ₹4,105 crore.

Additionally Learn: Anil Ambani faces LoC in ED’s Rs 17,000-crore loan fraud probe

The company is anticipated to summon senior officers of the lending banks over the approaching days to look at their credit score evaluation processes and subsequent actions, individuals conscious of the matter instructed The Financial Occasions. Among the many lenders are Yes Bank, State Bank of India, Axis Bank, ICICI Bank, HDFC Bank, Bank of India, UCO Bank, and Punjab and Sind Bank.

“We wish to confirm what motion the banks took, if any, towards the businesses which defaulted. Did they lodge a criticism with any investigating company, searching for registration of a felony case towards the businesses?” a senior official instructed ET on situation of anonymity.The ED made its first arrest within the case on Friday. Partha Sarathi Biswal, managing director of Odisha-based Biswal Tradelink Pvt Ltd (BTPL), was arrested for allegedly arranging a faux financial institution assure value ₹68 crore for a Reliance Group firm.Additionally Learn: ET Exclusive- ED to question bank officials over Rs 17,000 cr loan fraud linked to Anil Ambani-led Reliance Group

“The investigating officer (IO) from the fabric and the investigation carried out has shaped an opinion that the accused is responsible for the offences of cash laundering and effected his arrest accordingly,” a Delhi particular courtroom mentioned whereas remanding Biswal to ED custody until August 6.

What’s the case towards Anil Ambani?

In keeping with the ED, BTPL acquired ₹5.40 crore from Reliance Nu Bess Ltd’s mother or father, Reliance Energy Ltd, after submitting a faux financial institution assure with solid SBI endorsements in response to a young floated by the Photo voltaic Power Company of India Ltd (SECI).

“Probe reveals BTPL, a small firm integrated in 2019, maintained a number of undisclosed financial institution accounts and carried out transactions disproportionate to its declared turnover. Many violations of the Corporations Act are discovered,” the ED mentioned in an official assertion.

It additional mentioned, “Statutory data equivalent to books of accounts and shareholders’ registers weren’t discovered on the registered tackle… Dummy administrators are discovered for use simply to signal the paperwork.” The company claimed it had traced proceeds of crime, amounting to a number of crores, throughout not less than seven undisclosed financial institution accounts linked to BTPL.

Whereas Reliance Nu Bess had initially filed a criticism towards BTPL for dishonest, the ED suspects collusion. “Documentary proof reveals that apparently the 2 events acted in collusion. The administrators of Biswal Tradelink have been discovered to be earlier administrators of Reliance Group,” a senior official instructed ET.

In its response, the Reliance Group mentioned on Friday that the corporate and its subsidiaries acted bonafidely and have been a sufferer of fraud, forgery and dishonest conspiracy. “The corporate has made due disclosure on this to the inventory exchanges on November 7, 2024. A felony criticism on this regard has already been lodged with the Financial Offences Wing of Delhi Police towards the third celebration on October 16, 2024. The due strategy of regulation will observe.”