ED Summons Anil Ambani: Reliance Group Chairman Anil Ambani’s problems have increased further in the bank loan fraud case. The Enforcement Directorate (ED) has sent a notice to Anil Ambani to appear for questioning again next week. ED has asked the 66-year-old industrialist to appear before the agency on November 14. He will be interrogated on charges of money laundering in the SBI bank loan fraud case. Earlier, ED had called Anil Ambani for questioning on August 5.

ED (Enforcement Directorate) has intensified the investigation into the fake bank guarantee racket related to Anil Ambani’s company Reliance Power. Investigation has revealed that the company had filled the tender for the government project SECI (Solar Energy Corporation of India), in which it was necessary to give bank guarantee. For this, Reliance Power had entrusted this work to a company named Biswal Tradelink Pvt Ltd (BTPL) of Odisha.

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The investigation found that the bank guarantee given by BTPL was fake, and in return Reliance Power had paid about Rs 5.4 crore to BTPL. The people involved in this fraud created a fake domain named s-bi.co.in by copying the real website of SBI (sbi.co.in). Through this, fake emails were sent, so that it seemed as if the bank guarantee had been issued by State Bank of India (SBI).

ED has arrested BTPL Managing Director Parth Sarathi Biswal. Investigation revealed that BTPL is a company formed only on paper – neither its actual office nor documents were found. Suspicious transactions worth crores of rupees were found in many secret bank accounts of the company. People associated with the racket used disappearing messages on Telegram app so that evidence could be destroyed.

Big questions before ED

Now ED is investigating – who approved the payment of Rs 5.4 crore to BTPL and why?

Was Anil Ambani aware of this fraud?

Who benefited from the fake bank guarantee?

Through which channels and people was the money transferred?

Since this case is directly related to Reliance Power and its affiliated companies, ED has called Anil Ambani for questioning so that his role can be clarified.

Big revelation of the racket – fake guarantee of Rs 68.2 crore

The ED investigation also found that Reliance NU BESS Limited and Maharashtra Energy Generation Ltd, which are Anil Ambani group companies, had also submitted fake bank guarantees worth Rs 68.2 crore to SECI. After this case, ED has also started re-investigation into the old financial fraud cases of Anil Ambani Group. Reliance Communications Ltd (RCom) accused of loan fraud of ₹14,000 crore. Case of fraud of Rs 1,050 crore registered against Canara Bank.

The government had told in Parliament that SBI has declared RCom as a ‘fraud account’, and preparations are being made to send a complaint to CBI. Overall, this case is not limited to just a fake bank guarantee – it raises serious questions on the financial transparency and management of Reliance Group.

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Ed raids on anil ambani companies: The action of raiding the Central Agency ED in Mumbai against the companies of Reliance Group President Anil Ambani continued on Saturday for the third day. The investigating agency seized a large number of documents and computer devices. According to the news agency PTI, the ED started a raid on July 24, taking action in the moneylanding case related to bank loan fraud. Along with this, some companies have also been accused of financial irregularities worth crores of rupees.

Raid on Anil Ambani’s companies

According to PTI, the ED started raids on Thursday under the Prevention of Moneymilandering and raided some locations in more than 35 campuses in Mumbai on Saturday. According to reports, these campuses belong to 50 companies and 25 people, including many officials of Anil Ambani Group companies.

Citing ED sources, news agency PTI further said that between 2017 and 2019, this raid is being conducted on allegations of misuse of loan of about Rs 3000 crore for Yes Bank. Two companies of Reliance Group- Reliance Power and Reliance Infrastructure told the stock market on Thursday in separate information that the action of ED will not have any effect on their business operation, finance performance, shareholders, staff or any other.

Accused of misuse of loan money

It has been said by the companies that the information given in the media reports seems to be associated with allegations related to the transactions of ‘Reliance Communications Limited’ (RCOM) or ‘Reliance Home Finance Limited’ (RHFL). The news agency was further quoted by PTI sources that the investigation has revealed that just before the loan was given, the promoters received funds through their institutions, which indicates bribery transactions.

The agency is investigating the case related to “bribe” and loan. Sources said that in the loan approval given by the federal agency Yes Bank to Reliance Ambani Group companies, the loan documents of the previous date, proposing the bank’s loan policy clearly violating the bank’s loan policy, proposing investment without any appropriate investigation or loan analysis like “gross violations” are investigating allegations.

The case of misuse of the alleged loan fund of about Rs 10,000 crore associated with Reliance Infrastructure is also under the investigation of the agency. It is believed that a report of SEBI regarding ‘Reliance Home Finance Limited’ (RHFL) also became the basis of the ED investigation.

According to market regulator findings, corporate loans given by RHFL saw an increase, which increased from Rs 3,742.60 crore in FY 2017-18 to Rs 8,670.80 crore in FY 2018-19. Companies also said in the information given to the stock market that Anil Ambani was neither on the board of ‘Reliance Power’ nor ‘Reliance Infrastructure’ and has no commercial or financial relations with ‘Reliance Communications’ or ‘Reliance Home Finance Limited’.

Companies said that any action taken against ‘Reliance Communications’ or ‘Reliance Home Finance Limited’ will not affect the operation and management of ‘Reliance Power’ or ‘Reliance Infrastructure’.

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