The Enforcement Directorate (ED) has reportedly summoned Reliance Group chairman Anil Ambani once more for questioning on 14 November in reference to an ongoing cash laundering probe. 

The summons come simply two days after the company provisionally hooked up property value over Rs 7,500 crore linked to Ambani and his group corporations beneath the Prevention of Cash Laundering Act (PMLA), reported PTI citing sources.

The hooked up properties embody Ambani’s residence at Pali Hill in Mumbai, together with a number of business and residential property belonging to Reliance Group entities. 

Amongst them is a land parcel related to Reliance Centre on Maharaja Ranjit Singh Marg in Delhi, in addition to properties positioned throughout main Indian cities, Delhi, Noida, Ghaziabad, Mumbai, Pune, Thane, Hyderabad, Chennai, and East Godavari. Based on company estimates, the entire worth of the hooked up property stands at Rs 3,084 crore.

Probe into Diversion of Public Funds

The cash laundering case beneath investigation entails the alleged diversion of funds raised by Reliance Residence Finance Ltd (RHFL) and Reliance Business Finance Ltd (RCFL). 

Between 2017 and 2019, Sure Financial institution reportedly invested Rs 2,965 crore in RHFL and Rs 2,045 crore in RCFL via totally different monetary devices. By the tip of 2019, these investments turned non-performing, with Rs 1,353.50 crore excellent for RHFL and Rs 1,984 crore for RCFL, in keeping with the company.

The ED has alleged that funds meant for reputable enterprise functions have been as a substitute diverted to associated entities, forming half of a bigger sample of economic irregularities. The broader probe covers suspected mortgage diversions of greater than Rs 17,000 crore throughout numerous Reliance Group corporations, together with Reliance Infrastructure.

Earlier Raids and QuestioningAmbani was questioned by the ED earlier in August following intensive raids carried out on 24 July at 35 premises related to 50 corporations and 25 people linked to the Reliance Group. These searches fashioned a part of the company’s investigation into alleged monetary mismanagement inside group entities.

Reliance Infrastructure Maintains Enterprise StabilityAmid the continued scrutiny, Reliance Infrastructure issued an announcement clarifying that the ED’s actions is not going to have an effect on its core operations. “There isn’t any impression on the enterprise operations, shareholders, staff, or some other stakeholders of Reliance Infrastructure Restricted,” the corporate mentioned in its submitting to the BSE. It additional added that Anil Ambani has not been a part of the board for greater than three and a half years.