Reliance Group Chairman Anil Ambani appeared before the Enforcement Directorate in Mumbai in connection with a money-laundering probe against YES Bank promoter Rana Kapoor and others. During his interrogation, the agency will record the statement of the 60-year-old businessman under the Prevention of Money Laundering Act (PMLA). As per allegations, Ambani's group companies took loans worth Rs 12,800 crore from the cash-strapped bank.
The ED is looking into all the big borrowers of the bank and the stressed loans sanctioned during the Rana Kapoor's tenure. By questioning Anil Ambani, the ED seeks to understand the process of disbursing the loans as Reliance Group accounted for a significant portion of its loans.
Yesterday, DHFL promoters Dheeraj Wadhawan and Kapil Wadhawan refused to appear before the ED citing health risks due to coronavirus. The promoters told the agency that considering the current scenario in the country, health was a top priority. The ED is investigating DHFL's role in the Yes Bank crisis. The agency is looking into transactions worth Rs 3,700 crore between DHFL and Yes Bank. Investigative agencies have alleged kickbacks of Rs 600 crore by DHFL to the firms of Yes Bank founder Rana Kapoor and family.
Apart from Reliance Group and DHFL, the agency is investigating money laundering charges against 16 other corporate houses including Essel Group and Naresh Goyal's now-defunct Jet Airways. While Essel group's Subhash Chandra cited his Rajya Sabha commitment for not being able to join the probe, Goyal said he had to attend an ailing relative.
Besides the ED, the Central Bureau of Investigation (CBI) had also registered a case against YES Bank founder Rana Kapoor. The case by CBI was registered under sections 120 B and 420 (cheating) of IPC and Section 7, 11 and 12 of PC Act, 1988. Meanwhile, the RBI's moratorium on crisis-hit private sector lender Yes Bank has been lifted. Yes Bank customers can now withdraw money from ATMs and access other banking services.