NEW DELHI— The Enforcement Directorate (ED) has issued a Look Out Circular (LOC) against Anil Ambani, Chairman of the Anil Dhirubhai Ambani Group (ADAG), in connection with an alleged ₹17,000 crore loan fraud case, officials confirmed Friday.
Ambani has been summoned to appear before the ED headquarters in New Delhi on August 5.
The action follows extensive raids last week by the agency at 35 locations in Mumbai tied to the Reliance Group. The searches covered 50 companies and 25 individuals, resulting in the seizure of a large volume of documents, hard drives, and digital records. The raids were conducted under the Prevention of Money Laundering Act (PMLA) as part of an investigation linked to the Yes Bank loan fraud case.
The probe stems from an FIR filed by the Economic Offences Wing (EOW) of the Delhi Police on November 11, 2024.
According to ED officials, their investigation uncovered a fake bank guarantee worth ₹68.2 crore, allegedly submitted by ADAG entities — Reliance NU BESS Limited and Maharashtra Energy Generation Limited — to the Solar Energy Corporation of India (SECI). The guarantee was reportedly forged using fabricated documents impersonating the State Bank of India (SBI).
Investigators said the scam involved a spoofed email domain, “s-bi.co.in,” crafted to closely resemble SBI’s official domain “sbi.co.in,” thereby adding a layer of legitimacy to the fake guarantee.
The ED has approached the National Internet Exchange of India (NIXI) to trace the origins of the fraudulent domain and email activity.
In response to the developments, ADAG affiliates Reliance Power and Reliance Infrastructure told stock exchanges that the ED’s actions have had “absolutely no impact” on their business operations, financial position, or stakeholder interests.
“The media reports appear to pertain to allegations concerning transactions of Reliance Communications Limited (RCOM) or Reliance Home Finance Limited (RHFL), which are over 10 years old,” the companies stated. (Source: IANS)
