Yes Bank Crisis: ED summons Anil Ambani in connection with ongoing money-laundering probe

The Enforcement Directorate on Monday summoned Reliance Group Chairman Anil Ambani in connection with the ongoing money laundering probe against Yes Bank co-founder Rana Kapoor and others.

As maintained by officials, Anil Ambani has been asked to despose at ED’s office in Mumbai on Monday as his companys are one among the entities whose loans went bad after borrowing from crisis-hit Yes Bank.

Ambani’s group companies are stated to have taken loans of approximately Rs 12,800 crore from the bank the developed into nonperforming asset (NPA).

An ED official stated that the agency was investigating all the big borrowers of the bank and the stressed loans authorized during the term of Rana Kapoor, Information being solicited from Anil Ambani comprise loan details, terms and conditions and side agreements.

Previously, Union Finance Minister Nirmala Sitharaman had stated that the Anil Ambani Group, ILFS, DHFL, Essel and Vodafone were among the stressed corporates Yes Bank had exposure to.

Anil Ambani’s testimony will be taped under the Prevention of Money Laundering Act (PMLA) upon deposition.

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