Rs 17,000cr loan ‘fraud’ case: ED grills Anil Ambani; why is the Reliance Group chairman under lens?

NEW DELHi: Industrialist Anil Ambani appeared before the Enforcement Directorate (ED) in New Delhi on Tuesday after being summoned in connection with a suspected Rs 17,000-crore loan fraud case. His questioning comes days after the agency issued a Look Out Circular (LOC) against him, effectively barring him from leaving the country during the investigation.According to ANI, the ED is probing alleged financial irregularities and possible violations under the Prevention of Money Laundering Act (PMLA). The move follows a large-scale ED operation on July 24, in which 35 premises, 50 companies, and over 25 individuals linked to the Reliance Anil Ambani Group (RAAGA) companies were searched. This action stemmed from a money laundering case registered after a First Information Report was filed by the Central Bureau of Investigation (CBI).Officials told ANI that preliminary findings revealed a “well-planned and thought-out scheme” to siphon off public funds by cheating banks, investors, and public institutions. The role of Yes Bank, including its then-promoter, is also under the scanner. The ED suspects illegal diversion of approximately ?3,000 crore in loans disbursed by Yes Bank between 2017 and 2019.The ED’s investigation is reportedly based on inputs from several regulatory and financial institutions, including the National Housing Bank, SEBI, National Financial Reporting Authority (NFRA), and the Bank of Baroda.