ED Investigates Reliance Communications After SBI Flags Loan Misuse
What Happened?
Businessman Anil Ambani is facing a new money laundering case. The Enforcement Directorate (ED) filed the case after the Central Bureau of Investigation (CBI) accused him and his company, Reliance Communications (RCom), of bank fraud.
The case is related to large unpaid loans taken from the State Bank of India (SBI). The bank claims that the company did not follow loan conditions and used the money in ways that weren’t allowed.
What Did SBI Say?
SBI officially declared the loan as “fraud” on June 13. It told the Reserve Bank of India (RBI) about it on June 24.
In a letter to RCom, SBI wrote:
“You have not given valid reasons to explain how the loan was used. You broke the agreed terms of the loan.”
ED Raids & Investigations
The ED has searched six locations in Mumbai connected to Anil Ambani and Reliance Communications. These raids were to find evidence about:
- How the loan money was used
- Whether any funds were diverted
- If any money laundering took place
Link to Yes Bank Case
This is not the only case involving Ambani’s companies. The ED is also looking into another case where Yes Bank gave loans worth thousands of crores to Reliance Group firms between 2017 and 2019.
In that case, the ED suspects a quid pro quo – where Yes Bank’s top officials may have received payments before clearing the loans.
What’s Next?
Anil Ambani has already been questioned by the ED. Now, with this fresh case, the legal troubles for him and his companies have grown.
The ED will continue its probe to track:
- Where the money went
- Whether any laws were broken
- Who else may be involved
As investigations deepen, the spotlight remains firmly on Anil Ambani and his companies. With multiple agencies now involved, the coming months will be crucial in determining whether financial misconduct took place — and what consequences may follow.
Related News : In ₹17,000 Crore Loan Fraud Case, ED Summons Anil Ambani Again Next Week
