ED Quizzes Anil Ambani's Son in Yes Bank Loan Case
A large portion of these loans later turned into non-performing investments, resulting in losses of about Rs 3,300 crore for Yes Bank, the agency has alleged.
New Delhi: The Enforcement Directorate (ED) on Friday questioned Jai Anmol Ambani, son of industrialist Anil Ambani, in New Delhi in connection with a money laundering probe linked to an alleged bank loan fraud.
Officials said the statement of the 34-year-old was recorded under the provisions of the Prevention of Money Laundering Act (PMLA) and that the questioning is expected to continue on Saturday.
The ED probe is related to Yes Bank, which, according to officials, had an exposure of about Rs 6,000 crore to the Reliance Anil Dhirubhai Ambani Group (ADAG) as of March 31, 2017. This exposure reportedly doubled to around Rs 13,000 crore within a year, by March 31, 2018.
The companies involved include Reliance Home Finance Limited (RHFL) and Reliance Commercial Finance Limited (RCFL).
A large portion of these loans later turned into non-performing investments, resulting in losses of about Rs 3,300 crore for Yes Bank, the agency has alleged.
Earlier, Anil Ambani was also questioned by the ED in connection with the alleged bank loan fraud involving Reliance Group companies.