ED likely to question bankers in loan fraud case linked to Anil Ambani companies

NEW DELHI — The Enforcement Directorate is likely to summon some bankers for questioning in the investigation related to loans issued to the Anil Ambani group that later became non-performing assets.

The investigative agency has sent letters to the managements of 12-13 banks, both in the private and public sectors, seeking details about the procedures and due diligence followed in sanctioning loans to Reliance Housing Finance, Reliance Communications and Reliance Commercial Finance, , according to an NDTV Profit report.

The banks likely include State Bank of India, Axis Bank, ICICI Bank, HDFC Bank, UCO and Punjab and Sind Bank.

The ED has reportedly sought details on the process followed for loan clearances, the timeline of default and recovery action that followed on such accounts, sources said. Bankers may be summoned and questioned if the investigators are not satisfied with the replies.

A Look Out Circular (LoC) was issued against Anil Ambani, on Friday on the request of the Enforcement Directorate amid the ongoing investigation into an alleged Rs 17,000-crore loan fraud case. The investigation agency has summoned Ambani for questioning in the case on August 5.

ED earlier carried out searches at multiple entities and individuals linked to Anil Ambani's Reliance Group across 35 locations in Mumbai, covering 50 companies and 25 individuals under the Prevention of Money Laundering Act (PMLA).

According to the ED, the investigation has unearthed links between Anil Ambani Group companies and a fake bank guarantee of Rs 68.2 crore submitted to the Solar Energy Corporation of India (SECI). The bogus guarantee was allegedly issued in the names of M/s Reliance NU BESS Limited and M/s Maharashtra Energy Generation Limited, companies associated with Anil Ambani’s ADAG group.

The group allegedly used a spoofed email domain, “s-bi.co.in,” closely mimicking the official SBI domain “sbi.co.in,” in communications with SECI to present the forged guarantee as genuine.

The ED has also asked for domain registration records from the National Internet Exchange of India (NIXI) to track down the origin and digital footprint of the fraudulent email.