Anil Ambani Named in ₹3,000-Crore Loan Fraud Case; Lookout Notice Issued

ED Issues Lookout Circular Against Anil Ambani in ₹3,000 Crore Loan Fraud Case.

The Enforcement Directorate (ED) has issued a lookout circular against Reliance Group Chairman Anil Ambani in connection with a suspected ₹3,000 crore loan fraud and money laundering case. The move effectively bars him from leaving the country without prior court approval.

The case pertains to alleged financial irregularities involving loans extended by Yes Bank to firms linked to Ambani between 2017 and 2019. A preliminary ED probe suggests a complex scheme of loan diversion and misrepresentation by these companies, reportedly involving public funds.

Investigators say funds were routed to entities connected to Yes Bank’s promoters shortly before the disbursal of the loans, raising suspicions of possible quid-pro-quo deals and bribery. The agency is now probing the alleged nexus between the bank’s leadership and borrower firms tied to Ambani.

Serious violations in Yes Bank’s internal credit approval processes have also surfaced. These include back-dated Credit Approval Memorandums (CAMs), questionable investments made without due diligence, and decisions made in breach of the bank’s credit policy.

The development follows recent ED raids at multiple Mumbai locations associated with Ambani. He has been summoned for questioning on August 5.

In a related development, the State Bank of India (SBI) declared Reliance Communications’ loan account as “fraud” in June and flagged Anil Ambani’s name to the Reserve Bank of India (RBI).