RCom Fund Diversion Investigation: The investigation on Anil Ambani’s Reliance Group companies has become more strict. The case has now been handed over to SFIO after MCA’s initial investigation indicated fund diversion. Before this, ED has attached properties worth about Rs 7,500 crore.
Anil Ambani Reliance Group Scam: The scope of regulatory scrutiny on Anil Ambani’s Reliance Group companies has become more stringent. Now the Ministry of Corporate Affairs (MCA) has also taken serious steps against this group which is already facing investigation by ED, CBI and SEBI. After the ministry’s initial investigation found major indications of fund diversion and accounting irregularities, the case has now been handed over to the Serious Fraud Investigation Office (SFIO). It is clear from this that the matter has now moved in the direction of more serious action.
What is Anil Ambani case?
According to reports, there is a possibility of large-scale irregularities in the movement of funds in many companies including Reliance Infrastructure, Reliance Communications, Reliance Commercial Finance and CLE Private Limited. MCA’s preliminary investigation found that funds were transferred to related parties and group companies, loan terms were not followed and some amounts were also said to have been transferred abroad. This is why now SFIO will directly fix the responsibility at the management level.
Anil Ambani’s assets worth Rs 7,500 crore attached
This step has come at a time when ED is already tightening the noose on Reliance Group. This week ED attached properties worth about Rs 7,500 crore. These assets include 30 properties of Reliance Infrastructure, Vihaan43 Realty, Gamesa Investment Management, Aadhar Property Consultancy, Campion Properties and other related entities. This action is related to the multi-crore bank fraud case.
In which loan case is action being taken against Anil Ambani?
ED alleges that, between 2010 and 2012, RCOM and its group companies took loans worth thousands of crores from Indian banks. The total dues reached Rs 40,185 crore. Of these, only Rs 19,694 crore is still outstanding. 5 banks have declared these accounts as fraud. ED alleges that this money was not used in business, but was used to repay old loans and show liabilities as evergreen, meaning the company kept hiding its real losses and financial position.
Entry of CBI and SFIO
In August, CBI and ED raided the premises of Anil Ambani and group officials and a senior finance officer was later arrested. Now the handing over of the case to SFIO by MCA shows that the investigation is going to be more strict at the government level.
Status of Anil Ambani’s companies
The financial condition of companies is already under pressure. Reliance Communications is already in bankruptcy process. Many other companies are stuck in lenders, NCLT and enforcement cases. After this latest investigation, legal action may be intensified, further attachment of assets is possible and personal responsibility may also be fixed on the top management.
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