BankFraud – ED Questions Anil Ambani for Over Nine Hours
BankFraud – The Enforcement Directorate continued its scrutiny of industrialist Anil Ambani on Thursday, questioning him for more than nine hours in connection with an alleged bank fraud and money laundering investigation involving Reliance Communications (RCOM). Officials confirmed that this marked the second round of questioning in the ongoing probe.
Ambani, chairman of the Anil Dhirubhai Ambani Group, arrived at the federal agency’s office in central Delhi around 10:30 a.m. and left shortly after 8:20 p.m. His statement was recorded under provisions of the Prevention of Money Laundering Act (PMLA), according to officials familiar with the matter.
Investigation Linked to Alleged Rs 40,000 Crore Fraud
The case revolves around allegations that Reliance Communications was involved in financial irregularities amounting to over Rs 40,000 crore. Investigators are examining claims that bank loans sanctioned to the telecom company were misused and that portions of the funds were routed through overseas subsidiaries and offshore entities.
The agency has previously stated that the suspected proceeds of crime were diverted using a network of foreign companies linked to RCOM. These transactions are now under detailed forensic examination as part of the broader money laundering investigation.
Ambani is expected to appear before investigators again on Friday in a separate case connected to an alleged loan fraud involving Yes Bank. He was earlier questioned in August 2025 in relation to that matter.
Special Investigation Team Formed on Court Direction
In light of multiple allegations concerning loan defaults and suspected irregularities across group companies, the Enforcement Directorate recently set up a Special Investigation Team. The move followed directions from the Supreme Court, which sought a coordinated and focused probe into the various financial transactions under scrutiny.
Officials indicated that several cases have been registered against companies under the Anil Dhirubhai Ambani Group umbrella. According to submissions made before the apex court, at least three separate money laundering cases have been filed to investigate alleged bank loan fraud and related violations.
Earlier this week, the agency provisionally attached Ambani’s Mumbai residence, known as “Abode,” under anti-money laundering provisions. Authorities assessed the value of the property at Rs 3,716 crore. The attachment forms part of efforts to secure assets believed to be linked to alleged financial misconduct.
Arrest and Earlier Developments in the Probe
The investigation has already led to the arrest of Punit Garg, former president of Reliance Communications, in January this year. Officials said the arrest followed months of document review and financial tracking related to company accounts and loan transactions.
Investigators are also analyzing communications between company officials and lending institutions to determine whether any misrepresentation occurred during the loan approval process.
CBI Registers Fresh Case Involving Bank of Baroda
In a related development, the Central Bureau of Investigation registered a new case on Thursday against Anil Ambani and Reliance Communications. The agency alleged that the company cheated Bank of Baroda between 2013 and 2017, causing a wrongful loss exceeding Rs 2,220 crore.
The CBI confirmed that it conducted searches at Ambani’s residence and offices linked to Reliance Communications as part of the inquiry. Officials said the fresh case focuses on the circumstances under which loans were sanctioned and whether repayment obligations were deliberately circumvented.
Legal and Corporate Implications
The ongoing investigations by both the Enforcement Directorate and the Central Bureau of Investigation mark a significant escalation in legal challenges facing the telecom firm and its promoter. While Ambani has not publicly commented following Thursday’s questioning, officials stated that the inquiries are ongoing and further summons may be issued if required.
The developments have drawn attention within India’s corporate and banking sectors, particularly as regulatory agencies intensify scrutiny of large-scale loan defaults and financial compliance among major business groups.
Authorities have maintained that the investigations are being conducted in accordance with due legal process. Further action will depend on the outcome of document analysis, financial audits, and recorded statements.