ED Summons Anil Ambani Over Alleged Financial Misconduct and Offshore Assets

The Enforcement Directorate has called industrialist Anil Ambani to appear for questioning regarding investigations into alleged illegal outward remittances, undisclosed offshore assets, and fraudulent financial activities. The probe covers a network of financial misconduct and involves major allegations of fraud and money laundering across various Reliance Anil Ambani Group entities.

In a significant development, the Enforcement Directorate (ED) has summoned industrialist Anil Ambani to its headquarters in Delhi as part of an investigation under the Foreign Exchange Management Act (FEMA). Ambani is embroiled in a probe concerning alleged illegal remittances and undisclosed foreign assets linked to the Reliance Anil Ambani Group (RAAG).

The investigation highlights a startling claim of Rs 40 crore being siphoned from a Jaipur-Reengus highway project through shell companies to Dubai, exposing a sprawling hawala network surpassing Rs 600 crore. ED's probe stretches across several premises under FEMA for illicit fund transfers.

Allegations extend to offshore entities associated with RAAG in jurisdictions such as Jersey, Cyprus, and the British Virgin Islands. Concurrently, Ambani faces intensified scrutiny over accusations of a Rs 17,000-crore loan fraud involving Reliance Communications Ltd. The ED's actions underscore efforts to uncover financial irregularities and ensure accountability in India's corporate sector.

(With inputs from agencies.)