New Delhi, Nov 6 (NationPress) The Enforcement Directorate (ED) has once again summoned Anil Ambani, the Chairman of Reliance ADAG Group, for questioning on November 14 in connection with a money laundering investigation concerning the conglomerate, as per insider reports.

This recent move comes shortly after the ED provisionally seized over 132 acres of land valued at Rs 4,462.81 crore situated in Dhirubhai Ambani Knowledge City in Navi Mumbai earlier this week, under the Prevention of Money Laundering Act, sources indicated.

Previously, the ED had confiscated 42 properties valued at over Rs 3,083 crore linked to the bank fraud cases involving Reliance Communications Ltd. (RCOM), Reliance Commercial Finance Ltd., and Reliance Home Finance Ltd.

According to the statement, “The total value of attachments in these cases exceeds Rs 7,545 crore. The ED is diligently pursuing those responsible for financial crimes and is dedicated to returning the proceeds of crime to their rightful owners.”

The financial regulatory body initiated its investigation based on a CBI FIR filed under sections 120-B, 406, and 420 of the Indian Penal Code, 1860, along with section 13(2) in conjunction with section 13(1)(d) of the Prevention of Corruption Act, 1989, against RCOM, Anil Ambani, and others.

From 2010 to 2012, RCOM and its affiliated companies secured loans from both domestic and international lenders, accumulating an outstanding sum of Rs 40,185 crores. Five banks have classified the Group’s loan accounts as fraudulent, according to the statement.

The ED's investigation has disclosed that loans acquired by one entity from a bank were misappropriated to settle loans from other entities at different banks, fund transfers to related parties, and investments in mutual funds, which breached the stipulations outlined in the loan approval letters, the statement clarified.

Specifically, RCOM and its associated companies misallocated over Rs 13,600 crore for the purpose of loan evergreening; more than Rs 12,600 crore was funneled to affiliated parties, and upwards of Rs 1,800 crore was invested in fixed deposits/mutual funds, which was largely liquidated for redirection to group entities.

The ED has also uncovered significant misuse of bill discounting as a method for channeling funds to connected parties. Additionally, certain loans were illicitly transferred abroad via foreign outward remittances. Ongoing investigations are being conducted, as stated by the ED.