Money laundering case: ED questions Anil Ambani’s son for second straight day

The Enforcement Directorate continued its probe into an alleged bank loan fraud on Saturday, questioning Jai Anmol Ambani, son of industrialist Anil Ambani, for the second day in a row, officials said.

The 34-year-old executive’s statement, first recorded on Friday under the Prevention of Money Laundering Act (PMLA), is being further examined as the agency deepens its investigation, officials added.

The inquiry centres on financial dealings between the Reliance Anil Dhirubhai Ambani Group and Yes Bank. According to officials, the private lender’s exposure to Reliance Group companies stood at around Rs 6,000 crore as of 31 March 2017, before swelling to nearly Rs 13,000 crore within a year.

Among the companies under scrutiny are Reliance Home Finance Limited and Reliance Commercial Finance Limited. Investigators allege that a “substantial” portion of these loans later slipped into non-performing investments, leaving Yes Bank with losses estimated at Rs 3,300 crore.

The Reliance Anil Dhirubhai Ambani Group has so far declined to comment on the latest developments.

Anil Ambani himself has previously been questioned by the Enforcement Directorate in connection with the same alleged loan fraud case, which continues to cast a long shadow over the group’s past financial dealings.

With PTI inputs