The ED has intensified its investigation into the ₹17,000 crore loan fraud case involving Anil Ambani, requesting information from banks regarding the loan process. The investigation has revealed indications of forged bank guarantees and cyber fraud.
Loan Fraud: The difficulties of industrialist Anil Ambani continue to mount. In the ₹17,000 crore loan fraud case, the Enforcement Directorate (ED) has now directly begun demanding answers from bank management. In this high-profile scam, the ED has brought several companies of the Ambani Group, along with more than 12 national and private banks, under the scope of its investigation. The ED's focus is not limited to just taking out loans, but the investigation is now moving in the direction of whether the loans were approved with the collusion of bank officials, or whether there was any irregularity in the process.
Loan Fraud: Which companies are the focus of the investigation?
The ED's investigation is centered on Reliance Housing Finance, Reliance Communications, and Reliance Commercial Finance, which were given substantial loans by banks. All these loans later turned into non-performing assets (NPAs). According to the investigating agency, the loan amount was not used as per the planned purpose and was possibly rotated and invested in other companies. Based on this, the possibility of money laundering is being expressed.
Preparation for questioning bank officials
The ED has sought detailed information from more than 12 banks, including SBI, ICICI, HDFC, Axis Bank, regarding the loan approval process, guarantees, documents, default timelines, and recovery efforts. According to sources, if the banks' responses are not found to be satisfactory, bank officials may be summoned for questioning. This indicates that questions may also be raised about the transparency of the banking system.
New layers related to forged guarantees
A shocking fact has also come to light in the ED's investigation: Ambani Group companies gave a fake bank guarantee of ₹68.2 crore to the Solar Energy Corporation of India (SECI). This guarantee was issued in the name of Reliance NU BESS Limited and Maharashtra Energy Generation Limited, which are associated with Ambani's ADAG Group. Most importantly, to make this guarantee look genuine, a fake domain 's-bi.co.in' was used, which closely resembles SBI's real domain 'sbi.co.in'. The ED has sought technical information from the National Internet Exchange of India (NIXI) about this fake domain to find out who registered it and when it was activated.
50 companies and 25 people on the radar
Under the ED's action so far, raids have been conducted at more than 35 locations, including Mumbai, Delhi, and Hyderabad. In these raids, many digital documents, computers, financial records, mobile data, and email communications have been seized. In the investigation, 50 companies and more than 25 individuals have been listed as suspects under the PMLA (Prevention of Money Laundering Act).
Anil Ambani questioned and Look Out Circular
Anil Ambani has been summoned to appear before the ED on August 5. Along with this, a Look Out Circular (LOC) has been issued against him so that he cannot leave the country. The ED hopes that the interrogation of Ambani may yield several important clues related to the chain of fund transfers, foreign investments, and shell companies.
Big question on the transparency of the financial system
Experts believe that if fraud has occurred on such a large scale, it is not just corporate malpractice, but also a failure of the banking and auditing systems. According to a former bank director, 'If the bank guarantee was fake and the domain was fake, then how did the approving officers not catch it? This may not be negligence, but collusion.'
Further action and potential impact
The ED may now extend this investigation internationally as well, especially if any foreign transactions or shell companies come to light. Other regulatory agencies such as SEBI, RBI, and SFIO may also be involved in this matter. If the allegations are proven, Anil Ambani and several bank officials may face serious legal action. This may also start a nationwide debate on corporate governance.
