The Indian Enforcement Directorate (ED) on Saturday also questioned industrialist Anil Ambani’s son Jai Anmol Ambani in the alleged money laundering and bank fraud case related to Yes Bank. ED had summoned him again at 11 am today and the interrogation is going on.
The action is part of the ongoing investigation against Yes Bank’s former managing director and CEO Rana Kapoor and others, involving allegations of suspicious loans and money laundering. The questioning of Jai Anmol Ambani is said to be related to the financial transactions between his companies and Yes Bank. ED has taken action against many industrialists and companies in this case.
Inquiries took place on Friday also
After the interrogation conducted on Friday, officials said that the statement of 34-year-old Jai Anmol has been recorded under the Prevention of Money Laundering Act (PMLA) and it is likely to continue on Saturday. The investigation pertains to Yes Bank’s exposure to Reliance Anil Dhirubhai Ambani Group (ADAG) companies, which reportedly increased from about Rs 6,000 crore as of March 31, 2017, to about Rs 13,000 crore within a year.
According to ED, a large part of the loans given to companies like Reliance Home Finance Limited and Reliance Commercial Finance Limited turned into non-performing investments, due to which the bank allegedly suffered a loss of about Rs 3300 crore. Let us tell you that even before Anil Ambani, ED has interrogated him in connection with the investigation related to group companies.
Delhi High Court canceled the decision of Union Bank of India
The Delhi High Court on Friday set aside Union Bank of India’s decision to declare the bank account of a company owned by Jai Anmol Ambani as fraudulent, citing flaws in the process. Justice Jyoti Singh said that before declaring the account as fraudulent, no proper show cause notice was given to the petitioner, which is a violation of the principles of natural justice.
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