Anil Ambani faces more trouble as ED seeks loan details from multiple banks

New Delhi: Anil Ambani, Chairman of the Reliance Group, is facing renewed legal scrutiny as the Enforcement Directorate (ED) has approached several banks for information regarding loans granted to his companies. According to individuals familiar with the development, the ED has reached out to approximately a dozen public and private sector banks—including State Bank of India, ICICI Bank, Axis Bank, HDFC Bank, UCO Bank, and Punjab and Sind Bank—requesting detailed records of the due diligence processes conducted while sanctioning loans to Reliance Communications, Reliance Housing Finance, and Reliance Commercial Finance. Officials from these financial institutions may also be called in for questioning as part of the broader probe into non-performing loans issued to entities within the Anil Ambani-led conglomerate. The agency is particularly interested in understanding the procedures followed during loan approvals, timelines of defaults, and subsequent recovery measures initiated by the banks.

This development follows the ED’s first arrest in connection with the Rs 3,000-crore loan fraud involving Reliance Group companies. Partha Sarathi Biswal, Managing Director of Biswal Tradelink Pvt Ltd, was taken into custody last Friday under the Prevention of Money Laundering Act (PMLA), 2002. Biswal allegedly submitted forged guarantees worth Rs 68.2 crore, reportedly in support of Reliance Power. The ED’s investigation centers on alleged misuse of Rs 3,000 crore in loans disbursed to Reliance Group firms by YES Bank between 2017 and 2019. Findings suggest that YES Bank promoters received payments shortly before these loans were approved—raising suspicions of a quid pro quo arrangement. In July, the agency conducted searches at over 50 locations connected to the case. Additionally, a lookout notice has been issued against Anil Ambani.