ED initiates fresh probe against Anil Ambani, RCom in SBI fraud case

New Delhi: Enforcement Directorate has initiated a fresh money laundering probe against Reliance group's Anil Ambani and Reliance Communications Ltd based on an FIR registered by CBI related to SBI's complaint of an alleged fraud of more than Rs 2,900 crore.Sources said the agency is also investigating allegations of an alleged loan fraud of Rs 14,000 crore related to Reliance Communications Ltd and associated entities. On July 24, ED had searched more than 35 premises and at least 50 entities identified with Anil Ambani and his Reliance group across Delhi and Mumbai in a larger money laundering investigation based on multiple FIRs registered by CBI over the past few years. A spokesperson for Ambani said Anil Ambani has challenged SBI's declaration (of Anil Ambani and Reliance Communications as fraud) before a competent judicial forum while "strongly denying all allegations and charges". Anil Ambani's Cuffe Parade residence in Mumbai was searched for the first time by CBI on Aug 23, two days after it had registered the FIR in the alleged SBI bank fraud case. After the searches, CBI had claimed that the accused misappropriated funds by entering into transactions in violation of terms and conditions of sanction of credit facilities.ED has already put international travel restrictions on Anil Ambani by issuing a Look Out Circular (LOC) against him. He was questioned by the agency last month and may be called for another round of statement recording after completion of examination of his close associates.One of them, Angarai Sethuraman, director of corporate affairs of Reliance Anil Ambani group, was questioned last month after a search on his premises on Aug 13. ED is probing alleged laundering of public money, exceeding Rs 20,000 crore, some of which having allegedly been siphoned off outside the country. tnn