Anil Ambani: Today, the Enforcement Directorate (ED) has taken major action against industrialist Anil Ambani. Under this, raids have been conducted on locations associated with their companies. This is reportedly a part of the ongoing investigation into financial irregularities and money laundering cases against him.

According to officials, about 15 different ED teams raided 10 to 12 places this morning. Most of these locations were in Mumbai. Sources said that this raid is being conducted against Reliance Power and other companies and people associated with them.

Earlier, the Central Bureau of Investigation (CBI) had registered a case of banking fraud of more than Rs 2200 crore against Reliance Communications. Today, amidst this action of ED, there was a rise in the shares of Reliance Power and Reliance Infra. On one hand, shares of Reliance Power have jumped 2 percent to Rs 23. At the same time, shares of Reliance Infra were seen trading at Rs 94.20 with a rise of more than 4 percent.

10 hours of interrogation took place last week

Just last week, ED had interrogated Ambani for more than 10 hours in the banking fraud case of Rs 40,000 crore related to loans taken from State Bank of India and other lenders. However, officials also say that he did not appear for questioning in a separate money-laundering investigation related to the loan he received from Yes Bank.

During the investigation, ED has also provisionally attached property related to Ambani, which also includes a residential property worth about Rs 3761 crore. Officials said that the total value of properties attached in this case has reached approximately Rs 15,000 crore.

allegations against Anil Ambani

Anil Ambani is accused of diverting funds taken from banks through his companies. In simple language, his companies like Reliance Communication and Reliance Power allegedly took loans worth thousands of rupees from banks for business related works like installation of new machines, towers. But instead of using this money for real work, there is an allegation of diverting this money from one account to another and giving it to shell companies in the name of loan or payment.

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After the FIR of EOW of Delhi Police, the ED has made a major action and made his first arrest in a loan fraud case of Rs 3000 crore. Odisha company Biswal Tradelink Pvt. Ltd. (BTPL) managing director Partha Sarathi Biswal has been arrested by ED in the case of money laundering.

According to ED, Reliance Power’s role in scam

The ED investigation has revealed that BTPL prepared a fake bank guarantee of Rs 68.2 crore through the fake endorsement of the State Bank of India and a fake bank guarantee of Rs 68.2 crore to participate in a tender of Solar Energy Corporation of India (SECI). ED says that BTPL received a payment of Rs 5.4 crore from Anil Ambani’s company Reliance Power Limited. This payment was made to prepare the same fake bank guarantee. This transaction connects the role of Reliance Power in this entire scam.

Recently raids were conducted on BTPL bases

The ED recently raided BTPL locations in Bhubaneswar and Kolkata. In which many bank accounts and transactions of the company were found, which were much more than the turnover of the company. The ED has been detected at least 7 secret bank accounts, in which crores were transferred.

Investigation also revealed that BTPL did not keep the necessary registers and accounts books in its office. The ED suspects that dummy directors were kept in the company so that the identity of the real owners could be hidden and the money can be easily moved around. After the arrest, Partha Sarathi Biswal was produced in the court, from where he has been sent to the ED custody till 6 August. At the same time, ED has also sent summons to Anil Ambani for questioning on 5 August.

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