New Delhi: Anil Ambani, younger brother of Mukesh Ambani and chairman of the Reliance ADAG Group, faces renewed challenges as the Enforcement Directorate (ED) has summoned him for questioning in a money laundering case. The summon has been issued for November 14.
This development comes shortly after the ED provisionally seized over 132 acres of land at Dhirubhai Ambani Knowledge City in Navi Mumbai, valued at ₹4,462.81 crore, under the Prevention of Money Laundering Act (PMLA).
Earlier Asset Seizures
Earlier, the ED had seized 42 properties linked to Reliance Communications Limited (RCOM), Reliance Commercial Finance Limited, and Reliance Home Finance Limited in connection with bank fraud cases. The total valuation of these properties exceeded ₹3,083 crore, bringing the cumulative seizure in these cases to over ₹7,545 crore.
CBI FIR Forms Basis of Investigation
The ED’s investigation is based on a CBI FIR filed against RCOM, Anil Ambani, and others under Sections 120-B, 406, and 420 of the Indian Penal Code, along with Sections 13(1)(d) and 13(2) of the Prevention of Corruption Act, 1988.
Outstanding Loans and Alleged Misuse
Between 2010 and 2012, RCOM and its group companies obtained loans from domestic and foreign banks, totaling ₹40,185 crore, which remain largely unpaid. According to official sources, five banks have declared the group’s loan accounts as fraudulent.
ED’s probe indicates that loans taken from one bank were allegedly used to repay loans from other banks, transfer funds to related parties, and invest in mutual funds, in violation of loan terms.
It is alleged that over ₹13,600 crore was misused to maintain these loans, ₹12,600 crore was transferred to related entities, and over ₹1,800 crore was invested in fixed deposits and mutual funds, which was later cycled back into group companies. The ED has also found extensive misuse of bill discounting and instances of loans being routed abroad via foreign outward remittances. Investigations are ongoing.
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