Anil Ambani is expected to appear before the agency on August 5 as scrutiny intensifies.
The Enforcement Directorate (ED) has intensified its money laundering investigation involving Reliance Group by summoning several top executives ahead of Anil Ambani’s scheduled appearance before the agency on August 5, according to a report by the Economic Times.
The reports suggest that the ED has issued at least six summons under the Prevention of Money Laundering Act (PMLA) so far. The summoned executives were previously subject to ED searches as part of the broader probe.
The agency suspects these individuals were instrumental in facilitating financial transactions that allegedly defrauded a consortium of banks.
In a separate move, the ED also reportedly planned to summon officials from nearly 20 public and private sector banks that had extended credit to various Reliance Group entities. The objective is to evaluate the level of due diligence conducted before loan disbursals and see the actions taken once repayments stopped.
Officials have stated they want to know whether banks ever filed complaints or sought criminal action in response to defaults.
Reliance Infrastructure closed 5% lower at ₹296.15, while Reliance Power also closed down 5% at ₹47.58.
What Is The Case About?
The case revolves around loan fraud of around ₹17,000 crore issued to three Reliance Group firms – Reliance Home Finance (RHFL), Reliance Commercial Finance (RCFL), and Reliance Communications (RCom).
In a related development, the ED arrested Partha Sarathi Biswal, Managing Director of Biswal Tradelink Pvt Ltd, for allegedly providing a fake ₹68 crore bank guarantee to a Reliance Group company.
Investigations revealed that Biswal had received ₹5.40 crore from Reliance Power Ltd in exchange for the forged guarantee submitted for a Solar Energy Corporation of India (SECI) tender.
The Reliance Group has denied wrongdoing, stating it was a victim of fraud and had disclosed the matter to stock exchanges in November 2024.
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