ED Summons Anil Ambani Again

Reliance Group chairman Anil Ambani has been summoned again by the Enforcement Directorate (ED) for questioning next week in an alleged bank fraud-cum-money laundering case, according to sources.

The 66-year-old businessman was questioned by the federal probe agency in August.

Anil Ambani has been asked to depose on November 14 for questioning in a money laundering case linked to an alleged bank loan fraud at the State Bank of India (SBI), the sources said.

The agency recently attached assets worth Rs 7,500 crore as part of its investigation against Ambani's group companies. 

The case originates from a CBI FIR registered in 2023 against Reliance Communications (RCom) and its directors for alleged cheating of State Bank of India (SBI) to the tune of over Rs 1,600 crore. The ED took over the investigation under the Prevention of Money Laundering Act (PMLA), expanding its scope to multiple group entities, including Reliance Power, Reliance Infrastructure, and Reliance Capital.

The ED provisionally attached assets worth Rs 7,500 crore belonging to Ambani’s companies. The attachment order includes prime land parcels in Navi Mumbai and Thane, equity shares, mutual fund holdings, and fixed deposits across various banks. The agency claimed these assets were acquired using proceeds of crime derived from loan defaults and fund diversion.

The investigation gained momentum after the Insolvency and Bankruptcy Code (IBC) proceedings against RCom and Reliance Infratel, where lenders recovered only a fraction of their dues. SBI alone had exposure of over Rs 4,000 crore to the group.

Ambani has maintained that all transactions were legitimate and in compliance with banking norms. His spokesperson declined to comment on the latest summon, citing the matter as sub-judice.

The ED has filed multiple charge sheets in the case and is likely to file a supplementary prosecution complaint after Ambani’s deposition. The agency has also approached courts for early adjudication of the attached assets.

The development comes at a time when Ambani is attempting to revive his business empire through asset monetization and debt restructuring, having lost control of most flagship companies to creditors in recent years.