Why Anil Ambani is being probed by CBI and ED
What's the story
The Central Bureau of Investigation (CBI) has raided properties linked to Reliance Communications and its promoter director Anil Ambani. The raids were conducted in connection with an alleged large-scale bank fraud. As per TOI, an FIR has also been registered by the CBI. The action comes after the Enforcement Directorate (ED) questioned Ambani for nearly 10 hours on August 5, as part of a money laundering investigation involving multiple bank loan frauds worth over ₹17,000 crore.
Document submission
ED is probing irregularities in loans disbursed by Yes Bank
During the ED interrogation, Ambani was asked to submit certain documents. He sought a 10-day extension for this, but the investigators were not convinced with his response. The ED is probing alleged irregularities in loans disbursed by Yes Bank and possible money laundering through shell companies.
Company scrutiny
ED is probing loans taken by Ambani's group companies
The ED's investigation also involves loans taken by Ambani's group companies, including Reliance Home Finance Ltd (RHFL), Reliance Commercial Finance Ltd (RCFL), and RCom. According to data from the ED, RHFL has outstanding dues exceeding ₹5,901 crore, RCFL owes over ₹8,226 crore, and RCom is liable for nearly ₹4,105 crore. These debts are owed to a consortium of around 20 public and private sector banks, including Yes Bank, State Bank of India, Axis Bank, ICICI Bank, and HDFC Bank.