Ambani Scion Grilled in Multi-Crore Loan Fraud Probe

Jai Anmol Ambani, son of Anil Ambani, faced questioning by the Enforcement Directorate over alleged money laundering linked to a bank loan fraud involving Yes Bank and the Reliance Anil Dhirubhai Ambani Group. This relates to significant financial exposures that turned into substantial losses.

On Saturday, Jai Anmol Ambani, the son of industrialist Anil Ambani, faced a second day of questioning by the Enforcement Directorate regarding a money laundering investigation linked to an alleged bank loan fraud, as per official sources.

The 34-year-old was questioned under the Prevention of Money Laundering Act, continuing from an initial session on Friday. The case involves Yes Bank, which reportedly had a financial exposure of around Rs 6,000 crore to the Reliance Anil Dhirubhai Ambani Group as of March 31, 2017, which ballooned to Rs 13,000 crore over the following year.

This substantial financial involvement resulted in around Rs 3,300 crore turning into non-performing assets, leading to significant bank losses. Earlier, Anil Ambani was also questioned by the authorities in relation to this case.

(With inputs from agencies.)