Anil Ambani Appears Before ED In Delhi Over Alleged ₹17,000 Crore Loan Fraud
Reliance Group Chairman Anil Ambani appeared before the Enforcement Directorate (ED) in New Delhi on Tuesday, responding to summons in connection with an ongoing money laundering investigation into multiple alleged bank loan frauds involving his business conglomerate. The 66-year-old industrialist’s questioning marks a significant development in the agency’s wide-ranging probe into suspected financial irregularities within the Reliance Group, particularly its infrastructure arm.
ED officials confirmed that Ambani’s statement would be recorded under the Prevention of Money Laundering Act (PMLA), following a string of searches and arrests targeting the group’s companies and executives. The agency’s recent three-day operation, initiated on July 24, involved coordinated searches at 35 premises associated with nearly 50 companies and 25 individuals. According to officials, the raids focused on a suspected staggering diversion of bank loans, with outstanding dues across several group firms now allegedly surpassing ₹17,000 crore.
A senior ED official told India Today TV, “The silence of the banks even after loan defaults raises serious questions. These institutions had a legal duty to alert the authorities, which they failed to do.” The agency has sent notices to 39 banks, seeking explanations for why suspicious loan activity and subsequent defaults were neither flagged nor duly reported.
The investigation centers on Reliance Infrastructure (R Infra) and other entities from Anil Ambani’s business empire. Citing a report by the Securities and Exchange Board of India (Sebi), ED has alleged that R Infra illegally diverted funds to other group entities under the pretext of inter-corporate deposits (ICDs). Investigators claimed that transactions were routed through a company called CLE, which was not disclosed as a related party by R Infra, potentially to bypass mandatory audit committee and shareholder approvals.
As the probe widened, the agency arrested Partha Sarathi Biswal, managing director of Biswal Tradelink Pvt Ltd, on August 1. Official sources have accused Biswal of facilitating fake bank guarantees worth ₹68.2 crore on behalf of Reliance Power, another Reliance Group company.
With the investigation intensifying, the ED has also issued a Look Out Circular (LOC) against Anil Ambani, reportedly restricting his ability to leave the country as inquiries continue. Industry observers view the move as a strong signal from enforcement authorities in the ongoing fight against financial crime.
As the ED presses forward with its probe, further actions—including more questioning of group executives, bank officials, and financial intermediaries—are anticipated in the coming weeks. How the case unfolds could have far-reaching implications for both Anil Ambani’s business legacy and the broader regulatory landscape governing large corporate loan disbursals in India.
