Enforcement Directorate Charges Anil Ambani's Reliance Group in Massive Loan Fraud

The Enforcement Directorate is set to file a chargesheet in a Rs 40,000 crore money laundering case linked to Anil Ambani's Reliance Group. Former RCOM executives, including Punit Garg, will be named as accused. The funds were allegedly laundered through subsidiaries and offshore entities.

The Enforcement Directorate is expected to file a chargesheet this Friday as part of its investigation into a significant Rs 40,000 crore loan fraud associated with Reliance Group, chaired by Anil Ambani. The chargesheet will be lodged under the Prevention of Money Laundering Act (PMLA).

Official sources have revealed that the former president of Reliance Communications (RCOM), Punit Garg, along with several others, will be named as accused. Garg, apprehended by the ED in January, played a central role in the bank fraud, engaging in activities such as acquisition, possession, and dissipation of illicit proceeds from the crime.

The allegedly laundered funds were reportedly 'diverted' through various foreign subsidiaries and offshore entities belonging to RCOM, the agency claims. A Special Investigation Team (SIT) has been formed by the federal probe agency to delve into these financial irregularities reportedly carried out under the direction of the Supreme Court.

(With inputs from agencies.)