In response to ET Now, which cited sources aware of the event, senior group executives together with Amitabh Jhunjhunwala and Sateesh Seth are amongst these summoned. The ED has reportedly issued a minimum of six summons underneath the Prevention of Cash Laundering Act (PMLA) thus far.
All of the executives had beforehand been topic to searches by the ED as a part of its probe. The company suspects that these people performed key roles in orchestrating transactions that allegedly defrauded a consortium of banks.
An ET Bureau unique report on Monday revealed that the ED additionally plans to summon officers from almost 20 private and non-private sector banks that had prolonged loans to numerous Reliance Group firms. The company intends to query these officers on the due diligence exercised earlier than sanctioning loans and the steps taken when repayments failed.
“We wish to verify what motion the banks took, if any, in opposition to the businesses which defaulted. Did they lodge a grievance with any investigating company, looking for registration of a legal case in opposition to the businesses?” a senior official informed ET.
In response to the ET report, ED's line of inquiry will embody understanding the credit score evaluation processes adopted by lenders, lots of whom are believed to have issued loans that later become non-performing property.
Rs 17,000 crore mortgage fraud: What the case is about?
The cash laundering investigation centres round alleged irregularities in loans value roughly Rs 17,000 crore prolonged to 3 Reliance Group firms—Reliance Residence Finance Ltd (RHFL), Reliance Industrial Finance Ltd (RCFL), and Reliance Communications (RCom). In response to ED information cited by the ET report, RHFL owes over Rs 5,901 crore, RCFL Rs 8,226 crore, and RCom almost Rs 4,105 crore to numerous lenders.Other than Sure Financial institution, different monetary establishments concerned embody State Financial institution of India, UCO Financial institution, Axis Financial institution, ICICI Financial institution, HDFC Financial institution, Financial institution of India, and Punjab and Sind Financial institution.
ET was the primary to report on August 1 that the ED had summoned Anil Ambani for questioning. He's anticipated to look on the ED headquarters in New Delhi on August 5.
In a improvement linked to the case, the ED on Friday arrested Partha Sarathi Biswal, managing director of Odisha-based Biswal Tradelink Pvt Ltd (BTPL), for allegedly arranging a faux financial institution assure value Rs 68 crore for a Reliance Group entity. The company knowledgeable the court docket that Biswal had obtained Rs 5.40 crore from Reliance Energy Ltd, guardian firm of Reliance Nu Bess Ltd, in return for the solid assure submitted for a young floated by the Photo voltaic Power Company of India Ltd (SECI).
In response to the ED, documentary proof signifies collusion between Biswal Tradelink and Reliance Nu Bess, contradicting the latter's declare of being defrauded. A senior official informed ET, “Documentary proof reveals that apparently the 2 events acted in collusion. The administrators of Biswal Tradelink have been discovered to be earlier administrators of Reliance Group.”
The company additionally recovered a number of incriminating paperwork and digital gadgets throughout its August 1 raids. It alleged that BTPL maintained a number of undisclosed financial institution accounts and performed transactions disproportionate to its declared turnover, with “dummy administrators” used to facilitate operations.
The Delhi Police FIR within the case was initially based mostly on a grievance by Reliance Nu Bess, accusing BTPL of fraud. Nonetheless, ED officers now imagine the 2 corporations could have been collectively concerned within the forgery.
In an announcement issued Friday, the Reliance Group maintained that it acted “bonafidely” and was itself a “sufferer of fraud, forgery, and dishonest conspiracy.”
The group said it had made due disclosures to inventory exchanges in November 2024 and had lodged a legal grievance in opposition to the third get together with the Delhi Police's Financial Offences Wing in October 2024.
