ED raids continue on Anil Ambani for the third day

The enforcement directorate (ED) targeting companies linked to the President of the Reliable Anil Ambani Group continued for the third consecutive day in Mumbai on Saturday. According to official sources, investigators have regained many documents and computers across multiple locations, in relation to fraud in bank loans of 3000 rupees and other financial violations.

ED searches are performed under the PMLa Laundering Law and are still ongoing in many more than 35 sites that have been searched since July 24.

The raids extend 50 companies and 25 individuals, including senior executives of the Anil Ambani group companies. Investigators investigate the alleged transfer of 3000 rupees in the loans presented by the Bank of yes to the companies linked to Ambani between 2017 and 2019.

Relination Power and Reliance has released the infrastructure of data on July 24, saying that the raids “have no effect at all on their business or stakeholders. They added:” Media reports appear to be related to allegations related to the Rellece Communications Limited (RCOM) or Reliance Home Finance Limited. (RHFL) that is over 10 years old.

The sources said that ED revealed the links that indicate that yes bank promoters received money in their own entities before approves the loans. The agency is now investigating potential bribery, poor use of credit policies, and approvals on rear loans that lack appropriate due care.

It is claimed that loans flowed to shell companies and group companies with poor financial statements, shared addresses and interfering managers, which raises fears of the process of money laundering on a larger scale.

The investigation is derived from two fir and inputs from CBI from Sebi, the National Housing Bank, the National Financial Reports Authority, and the Baroud Bank. These reports indicate a coordinated effort for the siphon public funds by deceiving banks, investors and institutions.

The Union’s government told Parliament that the State Bank in India has already reported RCOM and Ambani as “fraud”, and plans to file a complaint to the Central Bank of Iraq. Separately, fraud is subject to a loan of 1050 rupees that include RCOC and Canara Bank, as well as an unannounced foreign asset suspect, to ED Review.

Also under the audit: an investment of 2850 rupees by Relination Mutual Fund in AT-1 bonds, suspected of being part of “Quid Pro Quo”, and transferring alleged loans with a value of 10,000 rupees that include an accreditation infrastructure.

ED also examines the SEBI report on RHFL. Meanwhile, the infrastructure was repeated to rely on forces and dependence that Anil Ambani is not on their paintings and that they have no financial or operational links with RCOC or RHFL.