ED Tightens Grip on Anil Ambani with Fresh Summons Amid Multi-Crore Fraud Probes

The Enforcement Directorate issued new summons to Anil Ambani in a Foreign Exchange Management Act probe. This follows previous investigatory efforts regarding alleged illegal remittances, offshore assets, and significant financial irregularities connected to the Reliance Anil Ambani Group, sparking intensified scrutiny from Indian financial authorities.

The Enforcement Directorate (ED) has intensified its scrutiny of industrialist Anil Ambani, issuing fresh summons for him to appear in person on November 17 in connection with ongoing investigations under the Foreign Exchange Management Act (FEMA). Ambani had previously missed an inquiry session and was denied a virtual meeting by the agency.

The ED's investigations have unveiled alleged illegal outward remittances and undisclosed foreign assets linked to Ambani and his companies under the Reliance Anil Ambani Group (RAAG). A significant focus is on a probe into Rs 40 crore allegedly siphoned from a highway project through shell companies, revealing a broader Rs 600 crore hawala network.

Search operations have extended to several RAAG premises, aiming to unearth information about overseas assets in jurisdictions such as Jersey and the British Virgin Islands. Separately, Reliance Communications Ltd, another Ambani entity, faces a probe into a Rs 14,000 crore loan fraud, with the State Bank of India classifying it as 'fraudulent' and planned CBI investigations.

(With inputs from agencies.)