The Enforcement Directorate (ED) is intensifying its investigation into a ₹17,000 crore loan fraud case involving Anil Ambani's Reliance Group, with recent grilling of top executives and ongoing scrutiny of bank officials. The ED's probe is centered on allegations of money laundering and diversion of funds, with a focus on whether loans obtained by Reliance Group companies were misused or intentionally diverted through shell companies.
Several senior executives from the Reliance ADA Group, including Amitabh Jhunjhunwala and Satish Seth, have been questioned at the ED headquarters in New Delhi. These executives, who have overseen the financial operations of the Reliance ADA Group, are believed to possess critical information regarding the alleged fraud. The ED has identified at least 25 senior executives within the Reliance ADA Group and may summon them for further interrogation.
Anil Ambani himself appeared before the ED for questioning, where he faced inquiries about potential loan diversions to shell companies, financial transactions, and foreign assets. Ambani was also asked whether any bribes were paid to officials. The ED has reportedly seized a substantial amount of documents, hard drives, and digital records from multiple locations in Mumbai and Delhi connected to Anil Ambani's Reliance Group.
The investigation has revealed that nearly 20 banks, including both public and private sector institutions like Yes Bank, State Bank of India, ICICI Bank, and HDFC Bank, had extended loans to Anil Ambani's group companies, which eventually became non-performing assets (NPAs). The ED has reached out to 39 banks, seeking explanations as to why these suspicious loan accounts were not flagged or reported when the defaults began to surface. The agency is examining the possibility that bank officials deliberately overlooked warning signs, possibly in exchange for bribes. Both private and public sector bank officials who approved or oversaw loans to the Reliance Group are likely to be summoned for questioning.
The ED is also seeking details on the actions, if any, taken by these banks against the defaulting companies. They are looking to ascertain what actions the banks took against companies that failed to repay their loans, including whether they filed police complaints or FIRs against the companies.
The ED's investigation also involves Partha Sarathi Biswal, Managing Director of Biswal Tradelink Private Ltd, who was arrested for allegedly arranging fake bank guarantees worth ₹68.2 crore. Biswal may be brought face-to-face with Anil Ambani during further questioning. Reliance Group has stated that the company and its subsidiaries acted in good faith and have been victims of fraud, forgery, and cheating conspiracy.
