The Enforcement Directorate has tightened its stance in its probe involving industrialist Anil Ambani. The ED has issued a fresh summons to Anil Ambani under FEMA, asking him to appear next Monday after rejecting his request for a virtual statement.
Earlier, the government had ordered a fresh investigation into several companies linked to the Anil Ambani–led Reliance Anil Dhirubhai Ambani Group (ADAG). This time, the probe has been handed to the Serious Fraud Investigation Office (SFIO), the specialised wing of the Ministry of Corporate Affairs (MCA).
The SFIO has stepped in after earlier enquiries by the ED, the CBI and market regulator Sebi. The new focus is on whether there were any gaps in corporate governance and whether funds were diverted across group companies.
According to people familiar with the matter, the MCA received several alerts from auditors and financial institutions. These alerts pointed to possible irregularities in the financial statements of some ADAG firms.
Forensic audits ordered by banks, especially after the loan defaults at Reliance Capital and Reliance Communications, also raised red flags.
At least four entities are currently being closely examined—Reliance Infrastructure, Reliance Communications, Reliance Commercial Finance Ltd (RCFL) and CLE Pvt Ltd. More group companies may be added if links to fund movements are uncovered.
The intensified scrutiny comes after the ED recently attached assets worth nearly Rs 7,500 crore, including land in Navi Mumbai, a property in Bandra’s Pali Hill, and the Reliance Centre in New Delhi.
Source: India Today