Yes Bank case: Reliance Group says transactions with Yes Bank bonafide

Mumbai: Reliance Group Chairman Anil Ambani on thursday appeared before the Enforcement Directorate in Mumbai in connection with a money-laundering probe against Yes Bank promoter Rana Kapoor and others, officials said.

The Anil Dhirubhai Ambani Group (ADAG) issued a statement saying that Ambani met officials of the Enforcement Directorate (ED) to clarify the group's position with respect to its exposure to Yes Bank.

"He reiterated that the Reliance Group’s entire exposure to Yes Bank is fully secured and transacted in the ordinary course of business. All transactions between the Reliance Group and Yes Bank are in compliance with the law and financial regulations," the Reliance Group statement said.

Ambani's nine group companies are stated to have taken loans of about Rs 12,800 crore from the crisis-ridden bank, that reportedly were under "stress".

On march 6, Finance minister Nirmala Sitharaman told a press conference that the Anil Ambani Group, Essel, ILFS, DHFL and Vodafone were among the stressed corporates Yes Bank had exposure to.

Ambani was first called for questioning on monday but he sought exemption from appearance on personal grounds. The ED then issued him fresh summons to appear on March 19.

The agency is expected to record the statement of Ambani under the Prevention of Money Laundering Act. The 60-year-old businessman arrived at the ED office in Ballard Estate around 9:30 am.

The agency initiated action against Kapoor, his family and others soon after the Reserve Bank imposed a moratorium on Yes Bank earlier this month, restricting withdrawals to Rs 50,000 per depositor. Normal banking operations for the bank customers restarted on wednesday.

Meanwhile, a few other business heads called by ED for questioning skipped their dates.