ED probes ₹17,000cr loan fraud linked to Anil Ambani
The Enforcement Directorate (ED) is investigating a huge ₹17,000 crore loan fraud involving companies from Anil Ambani's Reliance Group.
The case centers on alleged money laundering and loan defaults by Reliance Home Finance, Reliance Commercial Finance, and Reliance Communications—loans that have now turned into bad debts for the banks.
Banks questioned on loan approvals
ED is questioning officials from about 20 major banks—including SBI, Yes Bank, ICICI Bank, and Axis Bank—about how these loans got approved and what steps were taken after things went south.
Anil Ambani has been called in for questioning on August 5, with a lookout notice issued to stop him leaving India while the investigation continues.
In a recent twist, Partha Sarathi Biswal was arrested for allegedly issuing fake bank guarantees and running shady accounts linked to the case.
Meanwhile, Reliance Group says it's actually the victim here and has filed its own complaint against Biswal and others involved.