Anil Ambani appears before ED for questioning in money laundering case linked to bank fraud

Businessman Anil Ambani on Tuesday appeared before the Directorate of Enforcement (ED) in connection with a money laundering case related to an alleged bank loan fraud, sources said.

He reached the anti-money laundering agency’s office in the national capital on Tuesday morning at around 11 am and recorded his statement under the provisions of Prevention of Money Laundering Act, sources said.

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It is said the probe being conducted by the federal investigating agency stems from several complaints by banks regarding alleged loan defaults, related to companies linked to the businessman. He was asked to join the probe after searches conducted by the agency at the companies and individuals’ related to the industrialist in Mumbai last month.

The agency is investigating the alleged diversion of loans, said to be worth hundreds of crores that were allegedly disbursed by a private bank  between the years 2017 and 2019.

It is suspected that payouts were allegedly made to the private bank promoters prior to the sanctioning of the loans.