All eyes are now on next week – The Enforcement Directorate has issued fresh summons to Reliance Group chairman Anil Ambani and his wife Tina Ambani to appear for questioning in the alleged over Rs 40,000 crore money laundering case on February 17 and 18.
Tina Ambani, has been asked to depose on February 17 after she skipped an appearance on February 9. This will be followed by Anil Ambani, set to depose on February 18.
Multiple arrests have already been made, searches have been conducted, and assets worth Rs 12,012.45 crores have already been attached by the Enforcement Directorate (ED) so far.
The Supreme Court, while hearing the case on February 4, directed the ED and the CBI to hasten their probes, noting that both agencies had “already taken their own time before swinging into action.” Next hearing in the case is on March 10.
Here is what do we know so far-
SC asks ED to consider SIT
The Supreme Court heard the case on February 4, during which it advised the Enforcement Directorate (ED) to consider forming a Special Investigation Team comprising senior officers and forensic auditors to take the probe to its logical conclusion.
SC directs CBI to investigate bank officials
The Central Bureau of Investigation (CBI), which has registered an FIR based on a complaint from the State Bank of India (SBI) and is probing complaints from other banks, was directed by the court to expand the scope of its probe to include the potential “collusion” of bank officials.
Anil Ambani assures SC he will not leave India
Senior advocate Mukul Rohatgi, appearing on behalf of Anil Ambani, assured the court that Anil Ambani “will not leave the country without the prior permission of this Court” after petitioner’s counsel Prashant Bhushan raised concerns that he might flee the country.
Complying with the SC order, the ED constituted a special investigation team (SIT), led by an additional director-rank officer in the headquarters investigation unit (HIU), and comprising about half a dozen other investigators, according to PTI.
ED summons Anil Ambani’s wife Tina
The ED had also summoned Anil Ambani’s wife Tina Ambani to appear for questioning in a money laundering case on February 9. However, she didn’t appear.
Accordin to PTI, Tina Ambani has been called for questioning with regard to a money trail linked to the purchase of a luxury condominium in New York’s Manhattan.
The ED had recently arrested former Reliance Communication (RCom) president Punit Garg in this case.
The New York property was “fraudulently” sold in 2023 during the corporate insolvency resolution process (CIRP) of RCOM by Garg, the ED had claimed in a statement earlier, according to PTI.
“The sale proceeds of $8.3 million (about Rs 69.55 crore in 2023) were remitted from the USA under the guise of a sham investment arrangement with a Dubai-based entity controlled by a Pakistan-linked individual, without the knowledge or consent of the Resolution Professional (RP),” the agency has claimed according to PTI.
Next SC hearing on March 10
The Supreme Court has directed both the ED and the CBI to act “promptly, independently, fairly and in a dispassionate manner”, while expressing concern over delays in the investigations. It asked both agencies to file a status report within four weeks.
The matter will be heard by the Apex Court next on March 10.
ED probes multiple Reliance Group firms under PMLA
The ED has been probing several Reliance Group companies under the Prevention of Money Laundering Act (PMLA). It has searched 46 premises, issued 13 provisional attachment orders, and attached 204 properties valued at Rs 12,012.45 crores so far.
One case that ED is probing is linked to Reliance Home Finance (RHFL) and Reliance Commercial Finance (RCFL).
ED flags loan defaults at RHFL, RCFL
The ED had said in its affidavit filed before the Supreme Court that RHFL borrowed public funds from 33 banks and financial institutions and defaulted on Rs 7,523.46 crores. Lenders have recovered only Rs 2,116.28 crores so far, leaving a net default of Rs 5,407.18 crores.
In RCFL’s case, the ED said 21 banks and financial institutions were defaulted to the tune of Rs 6,280.57 crores. Out of total dues of Rs 8,226.05 crores, only Rs 1,945.48 crores has been repaid.
RCom case: Alleged proceeds of crime at Rs 40,185.55 crore
The ED is also probing a separate case against Reliance Communications, where the alleged proceeds of crime stand at Rs 40,185.55 crores. The ED has taken Punit Garg, a former director of the company, in custody till February 7.
ED arrests three in Reliance Power power project probe
Another probe relates to Reliance Power, where the ED alleged forged bank guarantees were submitted in a power project agreement. The agency said the alleged loss to the public exchequer is Rs 105.98 crores, and three individuals- Ashok Kumar Pal, Partha Sarathi Biswal, Amar Nath Dutta-linked to the company have been arrested.
Anil Ambani Group share performance
The Anil Ambani Group stocks are trading in red today. Reliance Communication is down nearly -0.94%, Reliance Power is down 2.25% and Reliance Infra is down over 1.87% in intra-day trade.