The matter has also been referred to the Enforcement Directorate (ED) which is already looking into other dealings between Anil Ambani’s companies and Yes Bank. The ED had recently summoned Anil Ambani to appear before it on August 5 in connection with a bank loan fraud case under the Prevention of Money Laundering Act (PMLA).
The summons came four days after the ED concluded search operations at several premises linked to Ambani’s companies in Delhi and Mumbai. The raids, which began on July 24, continued for three days and covered more than 35 locations, involving over 50 companies and 25 individuals, including senior executives from Anil Ambani Group firms.
According to the ED, the probe pertains to alleged financial irregularities and diversion of over Rs 10,000 crore in loans extended to multiple group companies, primarily by Yes Bank between 2017 and 2019. The agency is also examining possible violations in the bank’s loan sanction process.
Sebi, as per the Reuters report, in its investigations found Ambani influenced investment decisions made by Reliance Mutual Fund.
“It is alleged that Anil Ambani and Jai Anmol Ambani had influence and control over Reliance Mutual Fund investment in Yes Bank’s additional tier-1 bonds through Sundeep Sikka, chief executive of the fund house and chief investment officer,” stated Sebi.