The Enforcement Directorate has strengthened its position in the investigation involving businessman Anil Ambani. Anil Ambani has been summoned again by the Enforcement Directorate under FEMA and has been asked to appear in person next Monday, as his request for a virtual statement has been turned down.
A new investigation into several companies associated with the Reliance Anil Dhirubhai Ambani Group (ADAG) led by Anil Ambani has been initiated by the government. This time, the Serious Fraud Investigation Office (SFIO), a specialized unit under the Ministry of Corporate Affairs (MCA), has taken charge of the probe.
The SFIO’s involvement follows prior inquiries by the Enforcement Directorate, the Central Bureau of Investigation (CBI), and the Securities and Exchange Board of India (SEBI). The current focus is on examining potential lapses in corporate governance and investigating any instances of fund diversion among group companies.
The Ministry of Corporate Affairs received alerts from auditors and financial institutions, indicating possible irregularities in the financial records of some ADAG entities, prompting the new investigation. Forensic audits conducted by banks post loan defaults at Reliance Capital and Reliance Communications have also raised concerns.
Currently, four entities are under close scrutiny—Reliance Infrastructure, Reliance Communications, Reliance Commercial Finance Ltd (RCFL), and CLE Pvt Ltd. Additional group companies may come under investigation if connections to fund transfers are revealed.
The increased scrutiny follows the Enforcement Directorate’s recent seizure of assets valued at nearly Rs 7,500 crore, which includes properties such as land in Navi Mumbai, a residence in Pali Hill, Bandra, and the Reliance Centre in New Delhi.