Will the ED Question Bankers Regarding Loan Fraud Tied to Anil Ambani’s Companies?
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Synopsis
The Enforcement Directorate is intensifying its investigation into the Anil Ambani group’s loan fraud case. With bankers likely to be summoned for questioning, the stakes are high. What does this mean for the future of Anil Ambani and his business empire? Find out more about the unfolding events.
Key Takeaways
- Investigation: The ED is summoning bankers involved in loan approvals.
- Fraudulent Activities: Links to fake bank guarantees have been uncovered.
- Transparency: The agency is enhancing accountability in the banking sector.
New Delhi, Aug 4 (NationPress) The Enforcement Directorate is expected to call in several bankers for inquiries regarding the loans provided to the Anil Ambani group, which subsequently turned into non-performing assets. The agency has dispatched letters to the management teams of approximately 12-13 banks, encompassing both private and public sectors, requesting information on the protocols and due diligence exercised during the loan approvals for Reliance Housing Finance, Reliance Communications, and Reliance Commercial Finance, as reported by NDTV Profit.
Among the banks involved are likely to be State Bank of India, Axis Bank, ICICI Bank, HDFC Bank, UCO Bank, and Punjab and Sind Bank.
The ED is seeking comprehensive information about the loan approval processes, the timeline for defaults, and subsequent recovery actions taken concerning these accounts, according to sources. If the responses from bankers do not satisfy the investigators, they may be called in for questioning.
A Look Out Circular (LoC) was issued against Anil Ambani last Friday at the request of the Enforcement Directorate, amid an inquiry into an alleged Rs 17,000-crore loan fraud case. The agency has summoned Ambani for questioning regarding this case on August 5.
Previously, the ED conducted searches at numerous entities and individuals connected to Anil Ambani's Reliance Group across 35 locations in Mumbai, involving 50 companies and 25 individuals under the Prevention of Money Laundering Act (PMLA).
As per the ED, this investigation has revealed connections between companies of the Anil Ambani Group and a fraudulent bank guarantee of Rs 68.2 crore presented to the Solar Energy Corporation of India (SECI). This counterfeit guarantee was allegedly issued under the names of M/s Reliance NU BESS Limited and M/s Maharashtra Energy Generation Limited, both linked to Anil Ambani’s ADAG group.
The group reportedly utilized a spoofed email domain, “s-bi.co.in,” which closely resembles the official SBI domain “sbi.co.in,” in their communications with SECI to falsely present the forged guarantee as authentic.
The ED has also requested domain registration records from the National Internet Exchange of India (NIXI) to trace the origin and digital footprint of the fraudulent email.
Point of View
It is crucial to approach the ongoing investigation into Anil Ambani and his companies with a balanced perspective. The Enforcement Directorate's actions reflect a significant step in accountability and transparency in financial dealings, which is essential for maintaining public trust in the banking sector.
NationPress
19/08/2025
Frequently Asked Questions
What is the Enforcement Directorate investigating?
The Enforcement Directorate is investigating loan fraud linked to the Anil Ambani group, focusing on loans that have become non-performing assets.
Which banks are involved in the investigation?
Banks likely involved include State Bank of India, Axis Bank, ICICI Bank, HDFC Bank, UCO Bank, and Punjab and Sind Bank.
What actions has the ED taken so far?
The ED has issued Look Out Circulars against Anil Ambani and conducted searches at multiple locations associated with the Reliance Group.
