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Industrialist Anil Ambani faces renewed scrutiny as the Enforcement Directorate (ED) has issued a summon for him to appear on November 14 in connection with a probe under the Foreign Exchange Management Act (FEMA).As sources from ED told Republic Media Network, this fresh action comes on the heels of the agency's ongoing investigations under both FEMA and the Prevention of Money Laundering Act (PMLA) against the Reliance Group.The FEMA case is specifically linked to an old road contract where his company, Reliance Infrastructure, had subcontracted work to another entity.Investigators are probing the alleged irregular remittance of Rs 38 crore abroad in connection with this subcontracting deal. This latest development underscores the continuing regulatory pressure on the former telecom tycoon concerning the financial dealings of his group companies.The latest action comes after the economic intelligence agency attached several assets connected to Anil Ambani and his group entities, such as a land parcel belonging to Reliance Centre on Maharaja Ranjit Singh Marg in Delhi, along with properties in Delhi, Ghaziabad, Noida, Mumbai, Pune, Thane, Hyderabad, Chennai, and East Godavari.The overall valuation of the seized assets stood at Rs 3,084 croreThe seizure of Anil Ambani's assets comes during a period when an investigation linked to its alleged diversion and laundering of public money raised by Reliance Home Finance Ltd (RHFL) and Reliance Commercial Finance Ltd (RCFL) is ongoing. Between 2017 and 2019, Yes Bank had invested Rs 2,965 crore in RHFL and Rs 2,045 crore in RCFL through various instruments.By December 2019, these loans became “non-performing”, with Rs 1,353.50 crore outstanding for RHFL and Rs 1,984 crore for RCFL. The agency alleges that these funds were diverted to related entities instead of being used for the official business purposes.The case is part of a broader probe into financial irregularities and loan diversions exceeding Rs 17,000 crore involving several Reliance Group companies, including Reliance Infrastructure. Ambani’s earlier questioning in August followed extensive searches by the agency on July 24, when officials raided 35 premises linked to 50 companies and 25 individuals associated with the Reliance Group.
