The Enforcement Directorate’s probe into alleged irregularities in loans extended by Yes Bank has brought Jai Anmol Ambani, son of industrialist Anil Ambani, back into focus.
On Friday, the ED questioned the 34-year-old in Delhi in connection with a money laundering case linked to an alleged bank loan fraud.
Officials said his statement was recorded under the Prevention of Money Laundering Act (PMLA) and the questioning is expected to continue on Saturday.
The case centres on Yes Bank’s exposure to companies of the Reliance Anil Dhirubhai Ambani Group (ADAG). According to officials, the bank’s exposure stood at around Rs 6,000 crore as on March 31, 2017.
Within a year, this figure rose sharply to Rs 13,000 crore by March 31, 2018. The companies involved included Reliance Home Finance Limited (RHFL) and Reliance Commercial Finance Limited (RCFL).
Investigators allege that a “large” portion of these investments later turned into non-performing investments (NPI), resulting in losses for the bank.
As per the agency, Yes Bank eventually suffered a loss of Rs 3,300 crore from these dealings. The ED has been examining the flow of funds, the sanctioning of loans and their subsequent utilisation as part of the probe.
Anil Ambani has also been questioned earlier by the ED in connection with the same alleged bank loan fraud case involving Reliance Group companies.