The Enforcement Directorate (ED) on Friday questioned Jai Ambani, son of industrialist Anil Ambani, in connection with the Yes Bank fraud-linked money laundering case, sources said. According to ED officials, the questioning is likely to continue, and Jai Ambani has been asked to appear again for further examination on Saturday.
The probe is part of the agency’s ongoing investigation into alleged financial irregularities and money laundering linked to the Yes Bank case. The Enforcement Directorate’s investigation is linked to Yes Bank’s exposure to the Reliance Anil Dhirubhai Ambani Group (ADAG). Officials said the bank’s exposure stood at around ₹6,000 crore as of March 31, 2017, but nearly doubled to about ₹13,000 crore within a year, by March 31, 2018.
Two Ambani Firms With Outstanding Dues
The Enforcement Directorate (ED) has alleged that two Anil Ambani group firms, Reliance Home Finance Ltd (RHFL) and Reliance Commercial Finance Ltd (RCFL), had outstanding dues of ₹1,353.5 crore and ₹1,984 crore respectively. The agency said the companies received public funds exceeding ₹11,000 crore.
According to the ED, before Yes Bank invested heavily in Anil Ambani group firms, it had received substantial inflows from the erstwhile Reliance Nippon Mutual Fund. Under Sebi regulations, the mutual fund was barred from directly investing in Anil Ambani group finance companies due to conflict-of-interest norms.
Yes Bank Redirects Money To Group
The agency alleged that public money from mutual fund schemes was indirectly routed to the group through Yes Bank exposures, forming part of the suspected money-laundering trail.
Anil Ambani-led companies are also facing scrutiny from multiple agencies, including the CBI and Sebi. Recently, the ED froze ₹77.86 crore in bank accounts of Reliance Infrastructure over alleged violations of the Foreign Exchange Management Act (FEMA), linked to the Jaipur–Reengus highway project.
Earlier, the CBI booked Anil Ambani’s son, Jai Anmol Ambani, for allegedly cheating Union Bank of India of ₹228.06 crore.
