Tina Ambani, spouse of businessman Anil Ambani, has once again failed to appear before the Enforcement Directorate (ED) regarding an ongoing money laundering investigation. This marks her second consecutive absence from the agency’s summons within a month. The ED had requested her presence for questioning related to the case, yet she did not report to the agency’s headquarters. Her previous absence occurred on February 9, when she was also expected to participate in an examination.
Upcoming Actions by the Enforcement Directorate
Agency officials have indicated that a new summons will be issued to Ambani shortly, emphasizing the importance of her testimony in the investigation. The 68-year-old former actress is being scrutinized for connections to a financial trail associated with the acquisition of a luxury condominium situated in Manhattan, New York.
Recent Developments in Asset Attachment
This latest development follows the ED’s recent actions in which it attached assets valued at approximately Rs 1,885 crore belonging to the Reliance Anil Ambani Group. This operation encompassed numerous properties, including various bank balances, receivables, and shares not publicly traded, as well as immovable assets. The investigations involve Reliance Home Finance Limited, Reliance Commercial Finance Limited, and suspected fraud linked with Yes Bank and Reliance Communication Limited.
Escalating Cumulative Attachments
Previously, the ED had attached properties worth over Rs 10,117 crore as part of ongoing investigations into fraud cases associated with Reliance Communications Ltd. (RCOM), Reliance Commercial Finance Ltd., and Reliance Home Finance Ltd. Consequently, the cumulative value of asset attachments related to the group has reached approximately Rs 12,000 crore. The ED has uncovered allegations of significant misappropriation of public funds by various companies within the Reliance Anil Ambani grouping.
Specifics of Financial Investigations
From 2017 to 2019, the ED reported that Yes Bank had invested Rs 2,965 crore in financial instruments from Reliance Home Finance Ltd (RHFL) and Rs 2,045 crore in instruments from Reliance Commercial Finance Ltd (RCFL). By the end of 2019, these investments were categorized as non-performing, with outstanding dues of Rs 1,353.50 crore for RHFL and Rs 1,984 crore for RCFL. The ED’s investigations further reveal that these entities were recipients of more than Rs 11,000 crore in public funds.
Connections to Broader Financial Crimes
The inquiry has stemmed from a First Information Report (FIR) filed by the Central Bureau of Investigation (CBI) under various sections of the Indian Penal Code and the Prevention of Corruption Act against RCOM, Anil Ambani, and other individuals. Between 2010 and 2012, RCOM and its subsidiary companies incurred loans from both domestic and international lenders, with an outstanding total of Rs 40,185 crore. Notably, nine banks have labeled the loan accounts within the group as fraudulent.
Allegations of Misuse of Funds
The ED’s investigation indicates that funds acquired through loans from one entity were utilized to settle debts of another, with transfers made to related parties and investments in mutual funds, violating loan agreement terms. Specifically, RCOM and its group companies allegedly redirected over Rs 13,600 crore towards loan renewal, over Rs 12,600 crore to affiliated entities, and substantial amounts into fixed deposits and mutual funds, which were later liquidated for diversion back to group companies.
Ongoing Commitment to Financial Accountability
The ED continues to pursue individuals implicated in financial malfeasance and is striving to recover proceeds considered a result of crime for rightful claimants. Further investigations are expected to unfold as the agency intensifies its focus on the financial dealings within the Reliance group.
