The Enforcement Directorate (ED) has summoned Anil Ambani, chairman of the Reliance Group, and his wife Tina Ambani to appear at its headquarters in Delhi for questioning in relation to an alleged Rs 40,000 crore bank fraud case. The summonses have been scheduled for next week, with Anil being called on February 18 and Tina on February 17.

Background of the Case

This investigation revolves around accusations of money laundering linked to Anil Ambani and his associated entities. As part of the ongoing probe, the ED has already taken action to attach assets worth Rs 12,000 crore belonging to Anil and his companies. The ED is preparing to initiate further proceedings to restore these assets to banks and other lending institutions, subject to the required permissions for confiscation.

Restrictions Imposed by the Delhi High Court

The Delhi High Court has imposed restrictions on Anil Ambani, preventing him from creating third-party interests in the assets that have been attached. This includes prohibiting him from leasing these assets or initiating other interest-generating activities.

Special Investigation Team Assigned

According to reports, the ED has assigned its investigation into Anil Ambani to a Special Investigation Team (SIT) established under directives from the Supreme Court. This action aims to ensure that the inquiry reaches a logical conclusion as swiftly as possible.

Tina Ambani’s Connection to the Investigation

Tina Ambani has been summoned as part of the investigation concerning the purchase of a Manhattan apartment in New York. Her involvement surfaced during the custodial interrogation of Punit Garg, a close associate of Anil Ambani who was arrested last week.

Wider Scope of the Investigation

Both the Central Bureau of Investigation (CBI) and the ED are examining numerous allegations against Anil Ambani and his companies. These allegations encompass the diversion of funds related to over twenty loans he received from various financial institutions. Investigators suspect that the Manhattan apartment may have been acquired using funds obtained through alleged criminal activities tied to bank loans made to Reliance Communications from a consortium led by the State Bank of India.

Money Laundering Network Uncovered

The ED’s investigation has revealed a network of shell companies implicated in money laundering activities. This includes one entity that allegedly received the proceeds from the sale of the New York apartment, which amounted to approximately $8.3 million. These funds were reportedly remitted from the United States under the pretense of a fraudulent investment arrangement with a Dubai-based entity controlled by an individual with ties to Pakistan.