ED has reportedly filed a fresh case against Anil Ambani and Reliance Communication under the Prevention of Money Laundering Act.
ED’s action comes after the CBI recently registered an FIR related to the same case.
The development has mounted trouble for RCom and its promoter. Recently, banks, including Bank of Baroda, SBI, and Bank of India have classified the loan accounts of RCom and Anil Ambani as “fraud”.
Anil Ambani and his company Reliance Communication (RCom) have come under the scanner of the enforcement. The agency has filed a fresh case against Ambani and his company under the Prevention of Money Laundering Act (PMLA) for allegedly causing a loss of around ₹2,929 crore to the State Bank of India (SBI), the Economic Times. The development comes just a month after the CBI registered an FIR relating to the matter.
In August this year, the CBI registered three separate cases against RCom and its promoter, Anil Ambani, its director, and some unknown public servants. The state’s investigating agency charged them with defrauding the country’s largest lender, which resulted in the wrongful loss of ₹2,929.05 crore.
The agency’s officials had reportedly carried out searches at Anil Ambani’s residence and properties linked to RCom across Delhi and Mumbai in connection with the alleged fraud. The agency in its preliminary investigation had reportedly found that loans worth around ₹3,000 crore sanctioned by the Yes Bank between 2017 and 2019 were allegedly moved to shell companies and other Reliance Group entities.
In connection with the same case, the enforcement agency on Tuesday questioned a former close aide of Anil Ambani, Amitabh Jhunjhunwala, ET reported.
“The search at Anil Ambani’s residence concluded early this afternoon. The complaint filed by SBI pertains to matters dating back more than 10 years,” Anil Ambani’s spokesperson earlier said. “At the relevant time, Ambani was a non-executive director of the company, with no involvement in the day-to-day management,” the spokesperson added.
ED’s registration of a fresh case marks another development that mounts trouble for Anil Ambani and his company RCom, which is undergoing the corporate insolvency resolution process under the insolvency and bankruptcy code, 2016. Recently banks, including the Bank of Baroda, SBI, and Bank of India (BOI), have declared RCom and Anil Ambani’s loan accounts as “fraud”. The company, however, dismissed all allegations and charges. Additionally, the company mentioned that it will explore legal remedies.
