A Look Out Round (LoC) has been issued towards Anil Ambani, chairman of the Anil Dhirubhai Ambani Group (ADAG), on the Enforcement Directorate’s (ED) request, because the company ramps up investigations into alleged financial institution mortgage fraud operating into 1000’s of crores.
The ADAG chairman has additionally been summoned to look on the ED headquarters in Delhi on August 5. His assertion will probably be recorded below the Prevention of Cash Laundering Act (PMLA). A number of executives from his group firms have additionally been summoned over the approaching days.
The ED’s motion follows in depth searches final week at 35 premises linked to 50 firms and 25 people, together with Reliance Group executives. These operations, performed from July 24 over three days, stem from allegations of economic irregularities and diversion of over ₹17,000 crore by a number of ADAG companies, together with Reliance Infrastructure (R Infra).
Citing a SEBI report, the ED alleges that R Infra routed funds as inter-corporate deposits (ICDs) by way of an organization named CLE to different Reliance Group entities. R Infra reportedly did not disclose CLE as a associated social gathering, bypassing necessary approvals.
A Reliance Group spokesperson responded, saying the difficulty pertains to a decade-old matter involving ₹6,500 crore, not ₹10,000 crore as alleged. R Infra disclosed the matter publicly in February 2025 and has since reached a settlement by means of court-mandated mediation to get well all the publicity. The corporate additionally famous that Ambani has not been on R Infra’s board since March 2022.
The ED is individually probing a ₹3,000 crore mortgage given by Sure Financial institution to ADAG firms between 2017 and 2019. Investigators imagine Sure Financial institution promoters obtained funds of their private considerations simply earlier than sanctioning the loans, suggesting a potential quid professional quo.
Additional, the company is scrutinising Sure Financial institution’s credit score processes, citing violations corresponding to back-dated approval memos, lack of due diligence, and lending to financially weak entities with overlapping directorships and addresses.
The cash laundering case is predicated on FIRs filed by the CBI and inputs from SEBI, the Nationwide Housing Financial institution, NFRA, and Financial institution of Baroda. The ED suspects a deliberate scheme to siphon public cash and mislead monetary establishments.
The Union authorities not too long ago disclosed within the Parliament that the State Financial institution of India has categorised RCOM and Ambani as ‘fraud’ accounts and is making ready to lodge a CBI grievance. A ₹1,050 crore mortgage fraud involving RCOM and Canara Financial institution can also be below ED scrutiny, together with allegations associated to undisclosed offshore accounts and a ₹2,850 crore funding in AT-1 bonds by Reliance Mutual Fund.
(With inputs from PTI)
