Industrialist Anil Ambani Appears Before ED in Bank Loan Fraud Case

Industrialist Anil Ambani appeared before the Enforcement Directorate (ED) in New Delhi for questioning in a Rs 3,000 crore bank loan fraud probe involving Reliance Anil Dhirubhai Ambani Group companies. The investigation concerns alleged illegal diversion of loans disbursed by Yes Bank between 2017 and 2019 and possible bribery of bank officials. The ED conducted searches at over 35 locations and issued a lookout circular to prevent Ambani’s travel abroad. Findings include violations in loan approvals, backdated credit memos, and questionable investments by Reliance Mutual Fund in Yes Bank’s bonds, indicating a suspected quid pro quo arrangement.