ED Expands Investigation into Anil Ambani's Loan Fraud Case

Investigation Intensifies

The Enforcement Directorate (ED) has broadened its inquiry into the alleged loan fraud involving companies owned by Anil Ambani, summoning several high-ranking executives for questioning under the Prevention of Money Laundering Act (PMLA).

Among those called in are Amitabh Jhunjhunwala and Sateesh Seth, two of Ambani's closest associates, who have been under scrutiny since the agency conducted searches at various locations linked to Ambani's businesses. The ED suspects these individuals, along with others, may have played a role in misappropriating funds and defrauding financial institutions.

Additionally, the agency is investigating whether certain banks ignored the emergence of non-performing assets (NPAs) in exchange for kickbacks. The ED has reached out to 39 banks, questioning why they failed to flag these loans as suspicious or notify the relevant authorities.

The fraud investigation revolves around outstanding loans totaling approximately Rs 17,000 crore, borrowed by several firms associated with Anil Ambani. Officials are currently working to trace the whereabouts of the funds and identify all parties involved in their diversion.

Anil Ambani is scheduled to appear before the ED on Tuesday for further questioning.