ED summoned Anil Ambani to question him about the ongoing probe of the alleged 17,000 crore bank fraud on August 5 at its Delhi headquarters. On July 24, ED conducted multiple searches linked to industrialist Anil Ambani, involving Reliance Anil Dhirubhai Ambani companies in Mumbai at 35 locations, and concluded their probe on July 27.
The Directorate of Enforcement (ED) is investigating allegations of Yes Bank’s illegal diversion of loans to Reliance Group companies between 2017 and 2019. It is also examined whether bribery may have been paid to bank officials, including bank promoters.
During this probe, the spokesperson said in a statement, “The Company and all its officials have fully cooperated and will continue to cooperate with the Authority.” ED’s actions have no impact on business operations, financial performance, shareholders, employees, or any other stakeholder of the company. Similarly, an allegation concerning transactions of Reliance Communication Limited (RCOM) or Reliance Home Finance Limited (RHFL), which are over 10 years old, has been cooperated with as much as possible.
Further, Reliance Power is a separate and independent listed entity without any financial linkage or business to RCOM or RHFL. As per the Insolvency and Bankruptcy Code 2016, RCOM has been undergoing the Corporate Insolvency Resolution process for over six years. RHFL has been fully resolved following the judgment of the Honorable Supreme Court of India. Anil Ambani is not a member of the Board of Reliance Power. Additionally, any actions taken against RCOM or RHFL do not affect the management, governance, or operations of Reliance Power.
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The central agency found an alleged violation in investigating Yes Bank loan approval to the group companies, including a backdated credit approval memorandum and proposal for investment, which was made without due diligence or credit analysis.
