Newsbytes
  • India
  • Business
  • World
  • Politics
  • Sports
  • Science
  • Entertainment
  • Auto
  • Lifestyle
  • Inspirational
  • Career
  • Bengaluru
  • Delhi
  • Mumbai
  • Videos
  • Find Cricket Statistics
Hindi
More
Newsbytes
Hindi
Newsbytes
User Placeholder

Hi,

Logout


India
Business
World
Politics
Sports
Science
Entertainment
Auto
Lifestyle
Inspirational
Career
Bengaluru
Delhi
Mumbai
Videos
Find Cricket Statistics

More Links
  • Videos

Download Android App

Follow us on
  • Facebook
  • Twitter
  • Linkedin
  • Youtube
 
Home / News / Business News / ED summons Anil Ambani over Yes Bank money laundering probe
  • Business

    ED summons Anil Ambani over Yes Bank money laundering probe

    Siddhant Pandey
    Written by
    Siddhant Pandey
    Twitter
    Last updated on Mar 16, 2020, 01:32 pm
    ED summons Anil Ambani over Yes Bank money laundering probe
  • Reliance Group Chairperson Anil Ambani was on Monday summoned by the Enforcement Directorate in connection with its money laundering case against Yes Bank founder Rana Kapoor.

    Ambani's group companies are notably one of the big entities whose loans turned sour after borrowing from Yes Bank, which has been struggling to stay afloat.

    The ED is now looking into the bank's big borrowers.

  • In this article
    Ambani asked to produce details of loans, side agreements, etc. Reliance Group's bad loans amounting to Rs. 14,000 crore Other large Yes Bank borrowers to be summoned What is the Yes Bank money laundering case?
  • Details

    Ambani asked to produce details of loans, side agreements, etc.

    Ambani asked to produce details of loans, side agreements, etc.
  • According to Business Standard, Ambani has been asked to join the ED's probe.

    He has reportedly been summoned to the agency's office in Mumbai to testify.

    ED officials told the publication that Ambani will have to provide the details regarding the loans disbursed to his group, the terms and conditions, and side agreements, if any, with the private lender.

  • Reliance Group

    Reliance Group's bad loans amounting to Rs. 14,000 crore

  • With an exposure of Rs. 14,000 crore, the Reliance Group is one of the largest borrowers from Yes Bank.

    In a statement last week, the group had said, "The entire exposure to Yes Bank is fully secured and is transacted in the ordinary course of business, and we are committed to honoring our repayments to Yes Bank."

  • Other borrowers

    Other large Yes Bank borrowers to be summoned

    Other large Yes Bank borrowers to be summoned
  • Reportedly, the ED also plans on looking into other stressed loans sanctioned during Kapoor's tenure and summoning other large Yes Bank borrowers.

    At a March 6 press conference, Finance Minister Nirmala Sitharaman had identified the Anil Ambani Group, Essel, Infrastructure Leasing & Financial Services (IL&FS), Dewan Housing Finance Corporation Ltd. (DHFL) and Vodafone as the stressed corporates that Yes Bank had exposure to.

  • Yes Bank case

    What is the Yes Bank money laundering case?

    What is the Yes Bank money laundering case?
  • The ED is probing Kapoor and his family for allegedly laundering "proceeds of crime" worth Rs. 4,300 crore.

    The agency believes that Yes Bank, under Kapoor's tenure, sanctioned sizeable loans that later turned bad in exchange for kickbacks.

    Kapoor, who stepped down as the bank's CEO in January 2019, was arrested by the agency on March 8 and remains in its custody.

  • Anil Ambani
  • Nirmala Sitharaman
  • Enforcement Directorate
  • Reliance Group
  • Yes Bank
  •  
Latest News
  • NewsBytes Briefing: Investigation uncovers Facebook's pro ISIS move, and more
    NewsBytes Briefing: Investigation uncovers Facebook's pro ISIS move, and more
    Science
  • PUBG: New State announced for iOS, Android; Unavailable in India
    PUBG: New State announced for iOS, Android; Unavailable in India
    Science
  • Indian versions of 'Suits', 'House', 'Monk', 'SNL' are being planned
    Indian versions of 'Suits', 'House', 'Monk', 'SNL' are being planned
    Entertainment
  • Google integrates lightweight HTML5 games into Chrome browser on Android
    Google integrates lightweight HTML5 games into Chrome browser on Android
    Science
  • Sony announces next-generation PSVR headset for the PlayStation 5
    Sony announces next-generation PSVR headset for the PlayStation 5
    Science
Related Timelines
  • Had to sell jewelry to pay legal costs: Anil Ambani
    Had to sell jewelry to pay legal costs: Anil Ambani
    Business
  • Yes Bank depositors can now use IMPS/NEFT to pay dues
    Yes Bank depositors can now use IMPS/NEFT to pay dues
    Business
  • Yes Bank crisis: In six months, depositors withdrew Rs. 18,000cr
    Yes Bank crisis: In six months, depositors withdrew Rs. 18,000cr
    Business
  • Booked for corruption, Yes Bank's founder Rana Kapoor breaks down
    Booked for corruption, Yes Bank's founder Rana Kapoor breaks down
    India
Trending Topics
Bharti Airtel Mukesh Ambani WhatsApp Reliance Jio OPPO Isha Ambani
Next News Article
Share
Cancel

Want to share it with your friends too?

Facebook Whatsapp Twitter Linkedin
Copied

Love Business news?

Subscribe to stay updated.

Business Thumbnail
India News Business News World News Politics News Sports News Science News Entertainment News Auto News Lifestyle News Inspirational News
Career News Bengaluru News Delhi News Mumbai News Bharti Airtel Mukesh Ambani Indian Premier League Samsung Virat Kohli Rohit Sharma
Cricket News Narendra Modi Facebook YouTube Hollywood News WhatsApp Bollywood News ISRO Rahul Gandhi Yoga
Honda Batman Football News BMW Vaccine Reliance Jio OPPO Amazon Food News, Healthy Recipes Royal Challengers Bangalore
Toyota Fashion Tips Farmers Protest Mercedes Isha Ambani India Vs England Cricket OnePlus Mobiles Android TV Smart TV Marvel Comics
Avengers Neha Kakkar Premier League Big Bang Theory
About Us Privacy Policy Terms & Conditions Contact Us News Reviews News Archive Topics Archive Find Cricket Statistics
Follow us on
Facebook Twitter Linkedin Youtube
All rights reserved © NewsBytes 2021