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The businessman reached the workplace of the probe company in central Delhi in an e-vehicle round 10.50 am and made an exit shortly earlier than 9 pm.
The assertion of the 66-year-old businessman has been recorded beneath the Prevention of Cash Laundering Act (PMLA), official sources mentioned. He was requested a couple of dozen questions on mortgage transactions, they mentioned.
It’s understood that Ambani denied any wrongdoing and mentioned his corporations have made well timed disclosures about their monetary well being to regulators. He’s additionally acknowledged to have advised investigators that each one monetary selections have been taken by senior executives of the businesses involved.
The ED investigators are, nonetheless, not satisfied, and he could also be summoned once more, the sources mentioned.
Ambani has additionally sought about seven days to furnish some supporting paperwork to the ED associated to key monetary selections taken, they mentioned.
The summons got here after the company carried out searches at 35 premises of fifty corporations and 25 individuals, together with executives of his enterprise group, in Mumbai on July 24.
The ED has notified a Look Out Round (LOC), as per commonplace working process in massive financial institution ‘fraud’ instances, in opposition to Ambani at the same time as some executives of his group have additionally been summoned to seem for questioning through the week as a part of this probe.
The motion pertains to alleged monetary irregularities and collective mortgage “diversion” pegged at greater than Rs 17,000 crore by a number of group corporations of Ambani, together with Reliance Infrastructure (R Infra).
The primary allegation pertains to “unlawful” mortgage diversion of round Rs 3,000 crore, given by Sure Financial institution to the group corporations of Ambani between 2017 and 2019.
The ED suspects that simply earlier than the mortgage was granted, Sure Financial institution promoters “obtained” cash of their corporations, in keeping with the sources. The company is investigating this nexus of “bribe” and the mortgage.
The sources mentioned the ED can also be probing allegations of “gross violations” in Sure Financial institution mortgage approvals to those corporations, together with expenses akin to back-dated credit score approval memorandums and investments proposed with none due diligence/credit score evaluation in violation of the financial institution’s credit score coverage.
The loans are alleged to have been “diverted” to many group corporations and “shell” (bogus) corporations by the entities concerned.
The company can also be some situations of loans given to entities with weak financials, a scarcity of correct documentation of loans and due diligence, debtors having frequent addresses and customary administrators of their corporations, in keeping with the sources.
The cash laundering case stems from at the very least two CBI FIRs and reviews shared by the Nationwide Housing Financial institution, SEBI, Nationwide Monetary Reporting Authority, and Financial institution of Baroda with the ED, they’d mentioned.
These reviews, the sources mentioned, point out there was a “well-planned and thought after scheme” to divert or siphon off public cash by dishonest banks, shareholders, traders, and different public establishments.
The opposite allegation being probed by the ED, on the idea of a SEBI report, is that R Infra “diverted” funds disguised as inter-corporate deposits (ICDs) to Reliance Group corporations via an organization named CLE.
It’s alleged that R Infra didn’t disclose CLE as its “associated social gathering” to keep away from approvals from shareholders and audit panels.
A Reliance Group spokesperson had denied any wrongdoing and mentioned in an announcement that the allegation concerning the alleged diversion of Rs 10,000 crore to an undisclosed social gathering was a 10-year-old matter, and the corporate had acknowledged in its monetary statements that its publicity was solely round Rs 6,500 crore.
Reliance Infrastructure had publicly disclosed this matter on February 9, 2025, almost six months in the past, the assertion mentioned.
“By way of necessary mediation proceedings carried out by a retired Supreme Courtroom decide and the mediation award filed earlier than the Honourable Bombay Excessive Courtroom, Reliance Infrastructure arrived at a settlement to recuperate its 100 per cent publicity of Rs 6,500 crore,” it mentioned.
The corporate additional mentioned that Ambani was not on the board of R Infra for greater than three years (March 2022).
The Union authorities had knowledgeable Parliament just lately that the State Financial institution of India has categorized RCOM together with Ambani as “fraud” and was additionally within the means of lodging a criticism with the CBI.
A financial institution mortgage “fraud” of greater than Rs 1,050 crore between RCOM and Canara Financial institution can also be beneath the ED scanner, other than some “undisclosed” international financial institution accounts and property, the sources mentioned.
Reliance Mutual Fund can also be acknowledged to have invested Rs 2,850 crore in AT-1 bonds, and a “quid professional quo” is suspected right here by the company.
Further Tier 1 (AT-1) are perpetual bonds issued by banks to extend their capital base, and they’re riskier than conventional bonds, having increased rates of interest.
(This report has been printed as a part of the auto-generated syndicate wire feed. Other than the headline, no enhancing has been performed within the copy by ABP Reside.)
