Anil Dhirubhai Ambani Group Chairman Anil Ambani has come under increased scrutiny after the Enforcement Directorate (ED) issued a lookout notice against him in connection with a Rs 17,000 crore loan fraud and money laundering investigation. The move bars Ambani from leaving India as the probe intensifies.
According to ED officials, multiple companies under Ambani’s group allegedly engaged in large-scale bank loan fraud. Between 2017 and 2019, Yes Bank reportedly sanctioned loans of Rs 3,000 crore to these firms, which were allegedly diverted through illegal channels. Similar allegations involve Rs 10,000 crore borrowed by Reliance Infrastructure and a Rs 1,050 crore loan fraud case linked to Reliance Communications and Canara Bank.
The investigation also covers Rs 2,850 crore invested in AT1 bonds by Reliance Mutual Fund, suspected of quid pro quo dealings. Last week, ED teams carried out three days of searches at Ambani-owned offices, 50 associated companies, and 25 individual premises in Mumbai, seizing critical documents.
Ambani has been summoned to appear before ED officials at their Delhi headquarters on August 5 for questioning. The lookout notice has been issued to prevent any attempt to leave the country amid ongoing investigations.