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Anil Ambani's troubles are not decreasing

Anil Ambani's troubles are showing no signs of abating. Just 2 days ago the Supreme Court issued notice. Now ED has seized the immovable properties worth Rs 1,400 crore of Anil Ambani group companies under the new provisional attachment. With this action, the total attachment amount so far by ED has reached Rs 9,000 crore.

Earlier on Tuesday, the Supreme Court had sought response from the Central Government, Enforcement Directorate (ED), Central Bureau of Investigation (CBI) and businessman Anil Ambani on a petition seeking a court-monitored investigation into the banking fraud involving Reliance Communications (RCom), group companies and Anil Ambani.

Will have to answer within 2 weeks

This petition was filed by EAS Sarma, former Secretary to the Government of India. It has been said in this petition that there has been systematic misuse of funds, manipulation of accounts and institutional collusion. A bench of Chief Justice of India (CJI) BR Gavai and Justice Vinod Chandran issued notice to the Central Government, CBI, ED and Ambani asking them to file their reply within three weeks.

Impact on shares also

The effect of the action of Supreme Court and ED is also visible on the shares of Anil Ambani's company. In the last 5 days, Anil Ambani's company Reliance Power has registered a decline of 2.6 percent and it has come close to Rs 40. If we talk about Reliance Infra, there has been a decline of 3.7 percent in 5 days and it has come down to around Rs 175.

what is the allegation

The petition alleged that Anil Ambani's Reliance Communication and its subsidiaries Reliance Telecom and Reliance Infratel allegedly obtained loans worth Rs 31,580 crore from a consortium of banks led by State Bank of India (SBI) between 2013 and 2017. A forensic audit conducted by SBI has revealed large-scale fraud. The audit has also flagged transactions from bank accounts allegedly declared closed, raising suspicions of manipulation of financial statements.