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Virendra Pandit

New Delhi: The Enforcement Directorate (ED) on Thursday summoned Reliance ADA Group Chairman Anil Ambani to depose again on November 14 for questioning in connection with an ongoing money laundering case linked to an alleged loan fraud at the State Bank of India, the media reported.

Earlier, the ED had questioned the 66-year-old businessman in August.

Two days ago, the agency attached assets worth Rs. 7,500 crores as part of its investigation against Anil Ambani’s group companies. The ED had issued four provisional attachment orders under the Prevention of Money Laundering Act (PMLA).

Among the attached properties are Ambani’s Mumbai residence in Pali Hill and several residential and commercial assets owned by Reliance ADA Group firms, including a land parcel belonging to Reliance Center on Maharaja Ranjit Singh Marg in Delhi, and properties located in Delhi, Noida, Ghaziabad, Mumbai, Pune, Thane, Hyderabad, Chennai, and East Godavari.

The investigation pertains to alleged diversion and laundering of public money raised by Reliance Home Finance Ltd (RHFL) and Reliance Commercial Finance Ltd (RCFL). Between 2017 and 2019, Yes Bank invested Rs. 2,965 crores in RHFL and Rs. 2,045 crores in RCFL through various instruments. By December 2019, these loans turned “non-performing”, with Rs. Rs.1,353.50 crore outstanding for RHFL and Rs.1,984 crore for RCFL, the agency said.

The ED alleged that these funds were diverted to entities instead of being used for the stated business purposes. The case is part of a broader probe into financial irregularities and loan diversions exceeding Rs. 17,000 crores involving several Reliance ADA Group companies, including Reliance Infrastructure.

Ambani’s questioning in August followed extensive searches by the agency on July 24, when officials raided 35 premises linked to 50 companies and 25 individuals associated with the Reliance Group.

In response to the ED’s actions, Reliance Infrastructure clarified that the developments would not affect its operations. “There is no impact on the business operations, shareholders, employees, or any other stakeholders of Reliance Infrastructure Limited,” the company said in a filing to the BSE. It also added that Anil Ambani has not served on its board for over three and a half years.

In July, the ED had raided several properties linked to Ambani as part of its probe into the Yes Bank loan fraud case. The action came after the State Bank of India (SBI) classified Reliance Communications as “fraud” and reported the matter, along with Ambani’s name, to the Reserve Bank of India (RBI).

Preliminary findings suggested that promoters of Yes Bank had allegedly received funds in their personal accounts shortly before sanctioning large loans to companies in the Reliance Anil Ambani Group, pointing to possible quid pro quo arrangements.