Reliance Group Chairman Anil Ambani has been effectively prohibited from leaving India, with the Enforcement Directorate (ED) issuing a look-out circular against him on Friday, August 1.
This development comes amidst an ongoing investigation into an alleged ₹17,000 crore loan fraud case involving his group companies.
The ED summoned Ambani for questioning on August 5. The summons relates to an ongoing investigation into an alleged ₹17,000 crore loan fraud case involving his company.
The agency stated last week that its investigation into Anil Ambani is connected to allegations of illegal loan diversion of approximately ₹3,000 crore approved by Yes Bank to his companies between the years 2017 and 2019.
Anil Ambani has been asked to depose at the ED headquarters in Delhi and the agency is expected record his statement under the Prevention of Money Laundering Act.
According to the officials, the loans are alleged to have been diverted to many group companies and shell companies by the entities involved in the fraud.
This has raised questions of possible bribery between bank officials and borrower firms. The ED is now investigating the alleged nexus between Yes Bank promoters and Anil Ambani-linked companies.