Lookout Notice Against Anil Ambani In Rs 3,000-Crore Loan Fraud Case: Sources

In more trouble for Reliance Group Chairman Anil Ambani, the Enforcement Directorate has issued a lookout circular against him in connection with the alleged Rs 3,000-crore loan fraud case, sources said on Friday.

The revelation was made on a day when the agency summoned the industrialist for questioning. He has been asked to appear before the Enforcement Directorate on Tuesday.

A lookout circular is used to prevent individuals from leaving the country to evade prosecution. It is circulated to all entry and exit points, including airports and seaports, and officials are alerted to detain individuals against whom such notices are issued if they try to go out of the country. 

The ED has been investigating the alleged diversion of around Rs 3,000 crore in loans given to Reliance Group companies by YES Bank between 2017 and 2019. The agency had found that the promoters of the bank had also received payments just before the loans were sanctioned, indicating a quid pro quo arrangement.

The agency had started raids at over 50 firms connected to the case on July 24 and continued them for at least three days. The raids were conducted under the Prevention of Money Laundering Act.

Two group companies, Reliance Power and Reliance Infrastructure, had informed the stock exchanges that while they acknowledge the action taken against them, the raids had "absolutely no impact" on their business operations, financial performance, shareholders, employees, or any other stakeholders.

"The media reports appear to pertain to allegations concerning transactions of Reliance Communications Limited (RCOM) or Reliance Home Finance Limited (RHFL) which are over 10 years old," the companies had said.

Fake Bank Guarantee

Widening its investigation into irregularities at the group, the ED has also started a probe into a case involving an alleged fake bank guarantee worth Rs 68.2 crore.

According to officials, Biswal Tradelink - which operated several shell companies - issued a fake bank guarantee to the Solar Energy Corporation of India (SECI) using a spoofed domain, 's-bi.co.in', which is very close to the domain of the State Bank of India (sbi.co.in). This domain was allegedly used to deceive SECI and others by sending forged emails that appeared to be from the bank.