Industrialist Anil Ambani on Friday did not appear before the Enforcement Directorate (ED) despite being summoned for questioning in a money laundering case, reported the ANI.
Anil Ambani had earlier appeared at the agency’s headquarters in Delhi on Thursday and recorded his statement before investigators at around 11 am. The questioning is part of an ongoing probe into alleged financial irregularities linked to group companies.
The fresh summons came after the ED attached Anil Ambani’s residential property ‘Abode’ in Mumbai’s Pali Hill area, valued at Rs 3,716.83 crore.
The attachment was carried out under the provisions of the Prevention of Money Laundering Act (PMLA). Earlier, a portion of the same property worth Rs 473.17 crore had already been attached.
With this action, the cumulative attachment of assets in cases linked to the Reliance Anil Ambani Group has crossed Rs 15,700 crore, according to agency sources, as per the ANI.
Probe linked to RCOM case
The money laundering investigation stems from a First Information Report (FIR) registered by the Central Bureau of Investigation (CBI).
The FIR names Reliance Communications (RCOM), Anil Ambani and others under sections of the Indian Penal Code and the Prevention of Corruption Act.
According to the ED, RCOM and its group companies availed loans from domestic and foreign lenders between 2010 and 2012. The total outstanding dues are estimated at Rs 40,185 crore. The agency alleges that more than Rs 14,000 crore relates to loan fraud under investigation, according to the ANI.
The Minister of State for Finance, Pankaj Chaudhary, had earlier informed Parliament that the State Bank of India (SBI) classified RCOM and Anil Ambani as “fraudulent” under RBI guidelines.
Alleged diversion of funds
The ED has alleged that loans raised by one group entity were used to repay borrowings of other companies, routed through related parties, or invested in mutual funds in violation of loan terms.
Investigators claim that over Rs 13,600 crore was diverted for alleged evergreening of loans, Rs 12,600 crore was funnelled to connected parties and around Rs 1,800 crore was invested in fixed deposits and mutual funds and later rerouted, reported the ANI.
The agency has also alleged misuse of bill discounting facilities and possible siphoning of funds abroad through foreign remittances.
RCOM is also accused of cheating Canara Bank of over Rs 1,050 crore. Undisclosed foreign bank accounts and overseas assets are reportedly under examination.
Other attachments and findings
Last year, the ED attached over 132 acres of land in Dhirubhai Ambani Knowledge City in Navi Mumbai worth Rs 4,462.81 crore under PMLA provisions.
Investigators have also examined transactions involving investments in AT-1 bonds of YES Bank by group-linked entities, and alleged diversion of funds through inter-corporate deposits, as per the PTI.
The ED has stated that it remains committed to pursuing financial crime cases and ensuring recovery of proceeds of crime.
The probe is based on offences registered under sections 120-B (criminal conspiracy), 406 (criminal breach of trust), and 420 (cheating) of the Indian Penal Code, along with provisions of the Prevention of Corruption Act, the news agency reported.
Five banks have reportedly declared certain group loan accounts as fraudulent.
The investigation is ongoing.
(with ANI inputs)