Anil Ambani Summoned by ED on August 5 in ₹17,000 Cr Fraud Case; Raids Expand to Odisha, Bengal.
Anil Ambani, chairman of Reliance Group, has been summoned by the Enforcement Directorate (ED) for questioning on August 5 in connection with a ₹17,000 crore loan fraud case. The ED is probing alleged money laundering violations under the Prevention of Money Laundering Act (PMLA).
The summons follows a series of raids last week on 35 locations in Mumbai linked to Ambani’s group, involving nearly 50 firms and 25 individuals.
The ED has also widened its probe to include fresh raids in Odisha and Kolkata in a fake bank guarantee case. Officials say a contract to one of Ambani’s firms was awarded based on fake guarantees issued by Odisha-based M/s Biswal Tradelink Pvt. Ltd.
Searches were conducted at Biswal Tradelink’s offices in Bhubaneswar and at a related location in Kolkata. According to the ED, the firm issued fake bank guarantees for an 8% commission and raised bogus bills for commissions related to Ambani’s company. Multiple undisclosed bank accounts and suspicious transactions worth crores have also been detected.
SEBI Alleges ₹10,000 Cr Diversion by Reliance Infra
In a related development, SEBI has submitted a separate report to ED, NFRA and IBBI, accusing Reliance Infrastructure (R Infra) of diverting ₹10,000 crore through CLE Pvt. Ltd.—a company allegedly used to mask transactions and avoid mandatory disclosures.
SEBI claims R Infra provided inter-corporate deposits and guarantees to CLE from FY13 to FY23, despite knowing the company’s poor repayment capacity. As of March 2022, the total exposure stood at ₹8,302 crore.
The report says R Infra deliberately avoided declaring CLE as a related party to bypass shareholder approvals, despite clear evidence that CLE officials used Reliance ADA Group email domains. Bank submissions by CLE to Yes Bank also listed Reliance Infra as a promoter.
SEBI also found that between FY17 and FY21, R Infra wrote off ₹10,110 crore in provisions and impairments.
A Reliance Group spokesperson told The Economic Times that the matter was already disclosed publicly in February and that the exposure was ₹6,500 crore—not ₹10,000 crore. The group claims the matter is under mediation and pending before the Bombay High Court.
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