ED forms SIT to probe Anil Ambani, summons wife

NEW DELHI: Complying with the Supreme Court's directive, Enforcement Directorate has set up a special investigation team to probe money laundering cases allegedly involving Rs 40,000 crore against Anil Ambani and companies of Reliance Group.

The move comes amid ED stepping up its probe against the industrialist. The agency was set to question his wife, Tina Ambani, on Monday at its HQ here but she did not appear and may be summoned again.

The purpose of the planned questioning is to establish the money trail in a case related to purchase of an apartment worth Rs 70 crore in Manhattan, New York, for which senior Reliance executive and Ambani confidant Punit Garg was arrested last week.

On SC directive, CBI and ED may file multiple cases against Anil

Tina Ambani did not appear and may be summoned again.Tina Ambani’s name came up during the custodial interrogation of Garg. With Supreme Court on Feb 4 asking for registration of separate cases in each case of the alleged diversion of bank loans by Anil Ambani’s companies, both CBI and ED are looking to file multiple cases against him. CBI, in particular, will be required to file many more since the allegations of fund diversion concern more than a score of loans he took from different financial institutions.

The Manhattan apartment, sources suspect, had been purchased using alleged proceeds of crime siphoned off from the bank loans that Reliance Communication had received from an SBI-led consortium. ED has come across a network of shell entities involved in money laundering, including the one that received the sale proceeds ($8.3 million) of the Manhattan apartment “remitted from the US under the guise of a sham investment arrangement with a Dubai-based entity controlled by a Pakistan-linked individual”.

So far, during its probe against Anil Ambani and his entities, ED has searched 46 premises and attached 204 properties valued at over Rs 12,000 crore. ED has registered three enforcement case investigation reports, equivalent to police FIRs, under PMLA against Ambani and his entities so far.

One is against Reliance Commercial Finance Ltd (RCFL) and Reliance Home Finance Ltd (RHFL) in the Yes Bank money laundering case. The agency has told SC that RHFL had borrowed public funds from 33 banks/financial institutions and committed a default of over Rs 5,400 crore which constitutes proceeds of crime. The 33 lenders were able to recover only Rs 2,116.9 crore. “As regards the default committed by RCFL, 21 banks/financial institutions faced defaults of Rs 6,281 crore. Out of Rs 8,226 crore, only a sum of Rs 1,945 crore has been paid,” ED told the court. In second ECIR against Reliance Communications Ltd, ED has said total outstanding amount was Rs 40,185 crore that constitutes proceeds of crime. Third case is against Reliance Power Ltd in which allegedly forged bank guarantees were submitted. Three accused were helld in the case.

“Having gone through ED’s counter affidavit, it appears to us that the aforesaid agency ought to look into every possible financial transaction which might have led to siphoning of funds and must determine the estimated value of the proceeds of crime. ED is well advised to constitute an SIT,” SC had said in its Feb 4 order. SC posted the matter for hearing on March 10.




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