ED summons Reliance Group brass in loan fraud probe

New Delhi: The Enforcement Directorate (ED) has summoned around half a dozen current and former top executives of Anil Ambani's Reliance Group for questioning in connection with its probe into alleged money laundering in a ₹17,000 crore loan fraud case.

Amitabh Jhunjhunwala and Sateesh Seth are among those summoned, said people in the know. The investigating agency has asked Jhunjhunwala, a former top executive of the group, to appear before it on Wednesday. Seth, who is still among the top leaders of the group, is summoned on Thursday. Both were close aides of Anil Ambani.

Three other Reliance Group executives have also been ordered to be available for questioning, the people said.


Group chief Anil Ambani has been asked to appear at the ED headquarters in New Delhi on Tuesday morning.

Agency sources said those summoned are suspected to have played key roles in the alleged bank loan fraud.

Action by Banks
ET on Monday reported that the ED will also summon officials of private and public sector banks that had given loans to the Anil Ambani-led Reliance Group.

The federal agency will quiz the bank officials on the action initiated by them, if any, against Anil Ambani's companies which failed to repay the loans, ET reported.

"We want to ascertain what action did banks take against the companies which failed to repay the loans taken from them (banks). Did they complain to the police, seek registration of an FIR against the companies or not", a senior official had told ET on the condition of anonymity.

About Rs 17,000 crore loans that three Anil Ambani Group companies - Reliance Home Finance Ltd, Reliance Commercial Finance Ltd and Reliance Communications - had taken from nearly 20 private and public sector banks, including Yes Bank, State Bank of India, ICICI Bank and HDFC Bank, had turned non-performing. The ED is investigating alleged laundering of the loan proceeds.

The agency last week carried out searches at multiple entities and individuals linked to the group. Late on Friday, it arrested Partha Sarathi Biswal, managing director of Odisha-based Biswal Tradelink Pvt Ltd Biswal Tradelink is accused of arranging a fake bank guarantee of ₹68 crore for a Reliance Group firm.

A Delhi special court has remanded Biswal in ED's custody till August 6.

A statement issued by Reliance Group on Friday said "The company and its subsidiaries acted bonafidely and have been a victim of fraud, forgery and cheating conspiracy. The company has made due disclosure on this to the stock exchanges on November 7, 2024."